Cellnex achieved a 19% increase in revenue in the first quarter, up to 985 million euros, according to figures revealed to the market this Thursday. The telecommunications infrastructure company reduced losses to 91 million euros, slightly less than the 93 million of the previous year, after several years of strong expansion.
The company attributes the result to higher amortizations and costs derived from the consolidation of its past acquisitions, with an increase in interest due to the "strengthening of the liquidity position". Operating costs, for example, jump from 195 to 255 million euros. The gross profit (ebitda) grows in any case 15%, to 730 million.
By lines of business, infrastructure services for mobile telecommunications operators contributed 91.3% to revenue, with 899 million euros, representing growth of 20%. Broadcasting infrastructure activity contributed 5.8% with 57 million, and businesses focused on security and emergency networks and solutions for the intelligent management of urban infrastructure contributed 2.9% of revenue, with 29 million.
Cellnex CEO Tobías Martínez, who is scheduled to step down in June, said in a statement that the company achieved its "organic growth targets" in the first quarter, noting that they are in line with its strategic shift away from from its whirlwind acquisition spree to focus instead on getting a credit rating upgrade.
"The new strategic chapter that we announced to the market last November and whose central element is reaching investment grade no later than 2024, thus consolidating our financial capacity for Cellnex's sustainable growth in the coming years," he added. .
The accounts come after recent board changes after Chris Hohn's TCI activist fund became its largest shareholder. Hohn maintains that the board has not properly piloted the search for a new chief executive.
