Eir reports revenue of €1.24bn for 2021, ‘in line with expectations’

Telecoms company increased fibre broadband customer base by 4% in final quarter

Telecoms company Eir said revenue rose by almost 4 per cent in 2021, with the final quarter of the year in line with expectations.

The company reported revenue of €1.24 billion for the year to the end of December 2021, with adjusted earnings before interest, depreciation and amortisation at €662 million. The company made a profit of €90 million last year, down from €242 million in 2020.

Eir has changed its financial year to run on a calendar basis. Previously, its year ended on June 30th.

Eir earned €53 million from “access revenue” from the National Broadband Plan last year, just over double the amount it received in 2020.

Eir, which offers phone, broadband, mobile and TV services, said the company increased its total fibre broadband customer base by 4 per cent in the final quarter, and added 9 per cent to its post-pay mobile customers.

Eir now has 826,000 fibre broadband customers, and 891,000 mobile customers. Some 82,000 customers pay for TV services with Eir, a 1 per cent rise year on year, with multi-play bundling accounting for 40 per cent of Eir’s fixed households, up 3 points year on year.

Reported revenue increased by 11 per cent in the quarter, with adjusted earnings before interest, tax, depreciation and amortisation (ebitda) up 6 per cent. Additional costs as a result of its acquisition of Evros were offset by continued streamlining of the cost base.

Rebranded

Eir acquired Irish IT services provider Evros for €80 million in January 2021, and rebranded Eir Business and Evros as Eir Evo in November.

According to its investor report, Eir’s fixed line division contributed 72 per cent of its revenue last year, at €947 million, and adjusted ebitda was €514 million for the same period. Its mobile division contributed €323 million, with adjusted ebitda of €148 million.

Eir is planning to accelerate its fibre rollout through a joint venture with InfraVia Capital Partners, Fibre Networks Ireland. The partnership will extend the fibre-to-the-home broadband rollout to more than 1.9 million homes and businesses across Ireland, increasing the pace of the rollout by approximately 25 per cent.

"Eir's history has for decades been intrinsically woven into the fabric of Ireland, continuously evolving and transforming with it. We have been consistently bringing forth technological advancements for the benefit of a changing Ireland, ensuring that as a country we remain not just well connected, but competitive on the international stage," chief executive Oliver Loomes said.

Eir appointed Mr Loomes as chief executive following the news that Carolan Lennon would step down. Mr Loomes took up the role in February.