The consolidated revenues for the Group in the first six months of 2018 reached €510 million, an increase of €18 million, or +4% compared to the first half of 2017. The Group’s operating costs have increased by €7 million for the six months. For the Fixed Link, charges increased by +4% to €203 million. The consolidated figures for the first six months show an increase of €11 million in EBITDA to €250 million. For the Fixed Link, this is the 9th consecutive first-half of the year when EBITDA has increased, +4% to €247 million.
We should remember that revenues and operating profit remain characterised by the strong seasonality across the year and that these first-half results cannot be extrapolated across the full year. Net finance costs increased slightly (+€3 million) in the first six months of 2018, an increase due to the impact of the increase in British and French inflation on the cost of the indexed tranches of the debt. In the first half of 2018, the Group’s net consolidated result was a profit of €39 million, an increase of +15%. The Free Cash Flow for the Group’s continuing activities has increased by +€2 million to €108 million in the first six months of 2018, compared to €106 million in the first half of 2017.
OUTLOOK: Looking towards 2022, the Group remains confident in its capacity to generate sustainable growth and continues to expect growth in its EBITDA. The Group reconfirms its outlook for the medium term: 2018 Objectives:
• EBITDA: €545 million at an exchange rate of £1=€1.14
• Dividend 2018: €0.35 per share Outlook for 2022:
• EBITDA: above €735 million (at least +38%)
• Free Cash Flow: c.€400 million (approx. +70%)
• Annual increase in dividend: +€0.05 per share