June 7 (SeeNews) - Dutch-based multi-play and media provider United Group said on Monday that its consolidated revenue rose 56.5% on an annual comparison basis last year, reaching 1.2 billion euro ($1.5 billion) on the back of the group's recent acquisitions in Southeast Europe (SEE).
The steady growth continued this year, with consolidated revenue jumping to 439.4 million euro in the first quarter from 194 million euro a year earlier, United Group said in an e-mailed statement.
Adjusted earnings before interest and taxes, amortisation and depreciation (EBITDA) went up to 481.3 million euro last year from 315.6 million euro in 2019. In the January-March period of this year, EBITDA more than doubled to 179.2 million euro from 84.6 million euro in the first quarter of last year, according to the statement.
United Group's investments added 57.3% in 2020, reaching 310.2 million euro and climbed up by 57.9% on the year to 91.3 million euro in the first three months of 2021.
At the beginning of 2021, United Group completed the acquisition of Bulgarian multi-platform media company Nova Broadcasting Group in line with its strategy to own both telecommunications and media assets in the markets it serves. In 2020, United Group bought TELE2 Croatia, now renamed Telemach Hrvatska, Bulgarian Telecommunications Company (BTC) operating under the Vivacom brand and Greek telecommunications and pay-TV provider Forthnet. The group is also present in Serbia, Slovenia, Bosnia, Montenegro, and North Macedonia.
"2020 was one of the most transforming years in our history and 2021 seems just as important. [...] Our stable growth was supported by key acquisitions, which opened new markets for us and which are in the foundation of the continual leader position of United Group as a provider of telecommunication and media services in the region. We see great opportunities for growth on each new market as well as for useful cooperation with the rest of United Group," Victoriya Boklag, CEO of United Group, said in the statement.
The entry of United Group in Croatia, Bulgaria and Greece added some 40 million people to the overall coverage of the markets served by the company.
In the first quarter of 2021, BTC generated 29% of the group's revenue, followed by Telemach Slovenia and Greece's Forthnet, each with 14%, SBB Serbia with 13% and Telemach Croatia with 10%. Telemach Bosnia and Herzegovina and Telemach Montenegro contributed less than 5% to the group's revenue in the review period, according to the statement.
Even though the upbeat financial performance of United Group is attributed mainly to the acquistions, the company saw further growth during the reporting period, including in pay cable television, telephony, mobile networks and Internet as well as a growing share of package services, according to the statement.
United Group intends to spend more than 500 million euro ($591.5 million) over the next five years to upgrade its existing fibre optic network and extend it into new areas, the media provider said earlier this year.
($ = 0.820480 euro)