Losses ease at Three Ireland despite ongoing price pressures
Inflationary pressures including rising energy prices saw selling and administration costs grow by €9m to €391.5m in the year, offsetting a rise in turnover which grew by 7% to €620m in the year.
Ongoing challenges including energy costs and inflation at Three Ireland offset growth in turnover for the year, with the mobile provider posting a pretax loss of just under €17m.
Following a restructuring of the company's funding last year, €550m of intercompany debt was removed, with pretax losses for 2022 down from a loss of €20.3m a year earlier.
The company's net assets rose €526m from a net liability position of €6m last year, following the group's restructuring.
Inflationary pressures including rising energy prices saw selling and administration costs grow by €9m to €391.5m in the year, offsetting a rise in turnover which grew by 7% to €620m.
Gross profit increased to €434m - up 3% - while the group's operating profit rose by €3m to €45m in the year.
The company also recorded a rise in staff numbers, with more than 1,273 people employed by the company last year, with wages and salaries costing the group €83.7m last year.
Looking forward, the mobile operator said the next twelve months remained uncertain, adding that it will continue to monitor energy prices, general inflation and interest rates, with expectations for these items "unclear."
Despite this, however, the company's directors said they expected both turnover and gross profit to grow over the next twelve months.
The company posted an after-tax loss of more than €18m for the year, which was down from a loss of €26.7m in 2021.
