Revenue at Three Ireland rose in 2022 but earnings fell as inflation pressures weighed

Earnings at telecoms company Three Ireland fell last year as lockdown restrictions eased and energy costs soared.

The company said earnings before interest, tax, depreciation, and amortisation were €175 million in 2022, 7 per cent lower than the year before. But the decline was a combination of inflationary impacts on operational spending and a 46 per cent increase in energy costs, along with the first full year of eased pandemic restrictions, which had boosted telecoms companies in general. Revenue rose to €620 million for the year, up from €579 million a year earlier. Net average revenue per user was down 16 per cent year on year to €10.33.

The Irish operation also saw its customer base continue to grow in 2022, reaching 3.8 million. Three said the 700,000 increase was largely driven by connected devices, also known as the Internet of Things, such as the ESB smart meter deployment which is being rolled out nationwide. Active contract customers increased by 27 per cent and prepay customers were up 3 per cent over the year.

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