Forthnet, Greece’s largest alternative broadband provider by subscribers, says that despite the bad macroeconomic conditions in the country in 2011, the group managed to increase full-year revenue and profitability by optimising its operations, reducing costs and increasing cash flow. Full-year consolidated revenue increased by 1.4% year-on-year to EUR415.6 million, aided by an 11.8% rise in turnover derived from unbundled local loop (ULL) revenue. Forthnet added that adjusted EBITDA rose by 23.4% (or EUR15.2 million) in fiscal 2011, partly the result of a cost cutting programme, optimisation of operations and operational integration. The adjusted EBITDA margin for FY2011 was 19.3%, showing an increase of 3.5 percentage points compared with 2010. On a less positive note, the altnet said total group income in fourth quarter of 2011 fell by 1.7% year-on-year.
Nonetheless, Forthnet continued to grow its customer base last year. By 31 December it counted 528,300 broadband subscribers, with 17,700 net additions in the fourth quarter, and had consolidated its position as the leading provider of ULL services. By the year end Forthnet estimated a total ULL market share of 30.0%, and further, claims that it won a total of 20.0% of new subscribers during the fourth quarter alone. At the same date the operator had 785,000 revenue generating users in Greece, including 134,500 households with bundled telecoms and pay-TV services, and 391,252 active pay-TV customers.