Southeast European pay-TV, internet and telecoms provider United Group has reported revenues of EUR439.4 million (USD535.1 million) for the first three months of 2021, up from EUR194.0 million in the year-ago period thanks to the contribution of new acquisitions in Bulgaria, Greece and Croatia. The Amsterdam-based group says that Vivacom of Bulgaria generated 29% of overall revenues during the quarter, with Telemach Slovenia and Forthnet of Greece accounting for 14% each, SBB Serbia bringing in 13% and Telemach Croatia 10%. Operations in Bosnia-Herzegovina and Montenegro accounted for under 5% each.
Adjusted EBITDA rose by 111.8%, from EUR84.6 million in Q1 2020 to EUR179.2 million in the first three months of this year. The group’s entry into the three new markets has taken its overall service footprint to 40 million people, with approximately eleven million revenue generating units (RGUs) on its books as of 31 March 2021.
CEO Viktoriya Boklag said: ‘2020 was one of the most transformative years in our history and 2021 looks to be equally important. Positive trends in turnover and EBITDA have continued throughout 2020 and into 2021. Our steady path of profitable growth was supported by key acquisitions that opened new markets to us and which are providing a foundation for United Group’s continued leadership in the region as a provider of both telecommunications and media services. We see significant opportunities for growth in each new market, as well as healthy synergies with the rest of the Group.’