On Air Triple Gold Paul Corkish | 6:00PM - 9:00PM

Revenue up but profits down for Manx Telecom

'Robust and stable' performance, says MT

Manx Telecom's revenue increased in 2018, but there was a drop in profit before tax for the company.

The firm's annual results show £81.5m in revenue, which is a 3.8% rise compared to 2017.

However, underlying profit was down by 2% from £15.1m to £14.8m, while net debt rose by £6.1m to £63m.

The cost of launching clearSound, refurbishment at MT's headquarters and investing in fibre broadband were listed as factors affecting the figures.

The telecoms provider described the 2018 performance as robust and stable.

More from Isle of Man Business