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Everything, Everywhere Sees Revenue Rise Slightly In 1Q2011

Everything Everywhere, the joint venture that the Orange and T-Mobile networks in the UK, has reported a modest rise in revenue during the first quarter of 2011.

The company revealed a year-on-year growth of 1.6 percent in its revenue in Q1 2011, thanks to the rise in number of postpaid contract customers.

Everything Everywhere reported that the company added 160,000 new postpaid customers during the first quarter, compared to the 220,000 it had added in the first quarter of last year. The company also said that its 27.7 million-strong customer base was comprised 45 percent of postpaid contract customers.

Meanwhile, the company’s turnover decreased from £1.75 billion a year ago to £1.704 billion this year. However, Everything Everywhere chief executive officer Tom Alexander said that despite the drop in the turnover, the company was not in trouble.

“Since announcing our strategy just six months ago, we are progressing well and have significant momentum, specifically through our creation of the UK’s first ‘supernetwork,” he said, The Fonecast (opens in new tab) reports.

“We are also ahead of plan to deliver an NPV of £3.5 billion worth of synergies following our merger. We remain fully confident of achieving our commercial and financial ambitions,” Alexander added.