Helios Towers PLC on Thursday reported a quarterly increase in revenue and tenancies as the Africa-focused mobile phone tower infrastructure company expects to enter 2023 in a strong position.

Revenue in the three months to September 30 grew 25% to £143.4 million from £114.4 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation climbed 16% to £70.7 million from £60.8 million.

Tenancies increased 18% to 20,913 from 17,773 while sites were up 24% at 10,872 from 8,765.

Net debt however widened by 37% to £1.15 billion from £835.9 million.

Compared to the second quarter, revenue was up 4%, and adjusted Ebitda and tenancies grew 2%. Net debt widened 6% quarter-on-quarter.

The tenancy ratio decreased to 1.92x from 2.03x a year ago but remained flat from the second quarter. ‘Tenancy ratio’ means the total number of tenancies divided by the total number of our sites as of a given date and represents the average number of tenants per site within a portfolio,’ Helios Towers explained.

Chief Executive Officer Tom Greenwood said: ‘Looking ahead, we are pleased to update our organic tenancy guidance for the year, reflecting performance year-to-date and our robust commercial pipeline. Coupled with our ongoing transformational platform expansion, which includes our targeted entry into Oman in the fourth quarter of 2022, we expect to enter 2023 in a strong position for continued growth.’

Helios Towers shares fell 3.3% to 114.10 pence each in London at Thursday midday.

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