Helios Towers PLC on Thursday said that it expects this year to be an ‘inflection year’ for free cash flow, after reporting an uplift in revenue in 2023.

For the year ended December 31, the London-based telecommunications infrastructure company reported a pretax loss of $112.2 million, narrowed from $162.5 million a year prior.

Basic and diluted loss per share was 10 US cents, narrowed from 16 cents year-on-year.

Adjusted earnings before interest, tax, depreciation and amortisation were up 31% to $369.9 million from $282.8 million, ‘driven by tenancy growth’.

Revenue, however, rose 29% to $721.0 million from $560.7 million. According to Helios, this boost was driven by ‘record’ organic tenancy growth, complemented by acquisitions in Malawi and Oman.

Administrative expenses widened to $127.6 million from $114.1 million the year previously. The firm attributed this to amortisation and other administrative costs, which were driven up by acquisitions.

‘I am extremely pleased with the operational and financial performance of the business. In our first year with all recent acquisitions integrated, we exceeded expectations in customer delivery and across our KPIs. This included record organic tenancy growth that supported return on invested capital expansion,’ said Chief Executive Officer Tom Greenwood.

Looking ahead, Helios expects adjusted Ebitda of between $450 million and $420 million, and for 2024 to be its inflection year for free cash flow.

Helios Towers shares were trading 3.1% higher at 81.90 pence each in London on Thursday afternoon.

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