Helios Towers PLC on Thursday said that adjusted earnings and operating profit rose, with tenancies and sites growing comfortably.

The London-based telecommunications infrastructure company said operating profit in the first nine months of 2023 surged 79% to $112.6 million from $62.9 million a year prior. Revenue climbed 31% to $533.7 million from $408.8 million.

Adjusted earnings before interest, tax, depreciation and amortisation increased 30% to $269.2 million from $206.8 million.

Notably, sites rose 29% to 14,024 from 10,872, while tenancies grew 27% to 26,624 from 20,913.

Net debt however increased 51% to $1.73 billion from $1.15 billion. Net leverage increased to 4.5 times from 4.1 times. It is an alternative performance ratio relating to company debt, with a lower figure generally being more sound financially.

Looking ahead, Chief Executive Officer Tom Greenwood expects the momentum to continue into 2024, eyeing double-digit organic adjusted Ebitda growth and a reduction in net leverage to below 4.0 times.

Helios Towers shares rose 12% to 68.80 pence each on Thursday morning in London.

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