Wednesday 16 January 2019 8:56 am | Updated: Monday 03 June 2019 3:45 am

Manx Telecom on track to hit targets as it launches hearing loss technology

Isle of Man mobile and broadband provider Manx Telecom today said it is on track to meet its expectations for revenue growth in 2018.

The telecoms firm said it delivered “good” revenue growth, driven by an improved performance in its mobile business. Underlying earnings before interest, tax, depreciation and amortisation are also in line with forecasts, the company said.

Manx Telecom, which is one of the region’s largest employers, said its rollout of full fibre broadband remains on track, with more than 10 per cent of the island’s premises covered by the end of the year.

Vannin Ventures, the firm’s international growth business, last year launched its Goshawk subsidiary, which provides telecoms services for people with hearing loss.

Chief executive Gary Lamb said: “Our solid core performance continued through the second half, maintaining the platform which allows us to develop our growth businesses.

“The contribution of global solutions to our revenue growth and the development of our groundbreaking Goshawk proposition demonstrates the exciting growth potential of Vannin Ventures.”

In a note this morning broker Liberum said it forecast revenue of £79m and earnings of £27.5m.

“In our view what the market misses is the potential for a ‘transformed’ Manx, to launch new, innovative, cash generative off-island telecoms services such as Goshawk, which can deliver accelerated cash returns,” the broker said.

Shares in Manx Telecom were up more than two per cent this morning following the update. Manx said it will publish its results for the 12 months to the end of December on 13 March.