United Group first half lifted by Wind Hellas acquisition

South-eastern European service provider United Group, which operates broadband and pay TV service across the western Balkans and Greece, saw its half-year numbers boosted by its acquisition of Wind Hellas in Greece.

Homes passed grew by 17% to 4.529 million compared to H1 2021, as a result of the Wind Hellas acquisition and organic growth.

Unique cable subscribers increased to 2.134 million, up from 2.114 million.

Revenue Generating Units grew 37% year-on-year to 15.384 million, driven by the Wind Hellas acquisition and, to a lesser extent, the Optima Telekom acquisition in Croatia, and organic growth.

Blended footprint ARPU for H1 2022 increased 4% year-on-year to €18.3, driven by up-selling, cross-selling and price increases, according to the group.

Overall, the group had 1.653 million cable pay TV and 1.013 million DTH pay TV customers, up 4% for cable and down marginally for DTH. OTT customers numbered 136,000,up 10%.

Cable pay TV penetration now stands at 36.5%, down 12% year-on-year.

Consolidated Group revenue for H1 2022 grew 39% year-on-year to €1,267.6 million up from €910.9 million.

Consolidated Group adjusted EBITDAal increased 29% to €444.9 million.

Wind Hellas includes the results of the Group’s cable and mobile services in Greece.

Wind Hellas was acquired and consolidated into the group as of January 2022 and is one of the three main integrated communication providers in Greece with its own mobile and fixed-line networks, with approximately 3.6 million subscribers as of June 30.

Wind Hellas generated 22% of consolidated revenues and 18% of consolidated Adjusted EBITDAal for the first half.