Helios Towers H1 revenue rises but operating profit falls on deal costs

In the six months to 30 June, revenue was up 4% to $212.4m, driven by continued organic tenancy growth across the group and the addition of 1,264 tenancies through the acquisition of Free Senegal's passive infrastructure assets, which closed in the second quarter.

However, operating profit fell by $2.4m from the same period a year ago to $26.9m, driven by an increase in deal costs, depreciation and loss on disposal of property, plant and equipment, partially offset by an increase in adjusted EBITDA and lower amortisation and project costs.

Chief executive officer Kash Pandya said: "The first half of 2021 has been a busy period for the group, closing the acquisition of Free Senegal's tower assets and announcing five further acquisitions across Africa and the Middle-East.

"We are delighted to have commenced operations in the attractive Senegal market and through our experienced new markets function we have created a strong local team with our processes, systems and culture in place, ready to support mobile network operators efficiently expand coverage. We will be applying our tried and tested framework across each of the announced acquisitions, which we expect to close over the coming nine months."