One Communications completes island-wide FibreWire rollout; first-half financials strong

12 Sep 2018

Frank Amaral, CEO of Bermudan operator One Communications, says that the company completed the island-wide rollout of its fibre broadband network ‘FibreWire’ in the first half of this year, which he notes that along with other operational programmes, ‘produced important service quality improvements in our residential internet and TV products’. In a filing with the Bermuda Stock Exchange (BSX), One Communications also published its financial results for the twelve months ending 30 June 2018, in which the holding company confirmed that net income for the period reached BMD7.2 million (USD7.2 million), compared to BMD8.0 million in the year to end-June 2017. Consolidated revenue reached BMD63.8 million in the last financial year, meanwhile, with operating expenses of BMD56.0 million. The company reported BMD18.0 million in earnings before interest, depreciation, amortisation and one-time charges for the period, and operating income of BMD7.8 million. Cash flow generated from operating activities stood at BMD17.0 million for the year to June 2018, up from BMD10.0 million the year before, and CAPEX was BMD14.4 million (June 2017: BMD14.6 million).

Commenting on the results, Mr Amaral noted: ‘We are happy to report service call volumes have declined and a corresponding increase in customer satisfaction scores since last year. All customers were provided free internet speed boosts as part of the network upgrades and overall customer feedback has been positive … Work on our next generation FibreWire television product continues, and we are well underway with internal employee trials commencing before our commercial launch date in the fall … We are assembling a pipeline of new product offerings for launch to both residential and business customers over the next six months. Our goals with these products are to provide innovative solutions for reoccurring customer pain-points, add new revenue lines and overall value to our product set with the corollary benefit of reducing customer churn.’