Three UK increased its total revenues by 9 per cent to £2 billion in Q3 year to date (YTD) from £1.9 billion a year earlier.
The company’s total margin also climbed 9 per cent to £1.3 billion for Q3 YTD, up from £1.2 billion over the same period.
Its capex also fell 3 per cent.
Despite growth in revenue and margin, Three UK’s operating costs continued to rise as a result of inflation, causing EBITDA less capex to remain negative.
The company also had continued strong growth in its SMARTY, Business and Home segments, supporting overall increases in its revenue, margin and active customer base.
Robert Finnegan, chief executive officer of Three UK, said, “These results show that while we continue to grow our customer base and manage the business efficiently, we remain cashflow negative since 2019. The UK ranks a lowly 22nd out of 25 European countries for 5G speeds and availability and we simply cannot, as a standalone company, generate the returns to justify the levels of investment required to change this.
“We have given cast-iron commitments to the CMA to enable our merger with Vodafone unlocking £11 billion of private investment that will transform UK 5G and deliver a world class network for consumers and businesses.”