NASSAU, BAHAMAS – Cable Bahamas Group said yesterday it has seen a strong performance in consecutive quarters, with its top executive noting the company has been ‘laser focused’ on reducing cost and driving revenue growth.
The Cable Bahamas Group consists of REV, Summit Broadband and mobile provider Aliv in which it has a controlling interest.
The company announced consecutive quarterly growth following the release of its 2019 Fourth Quarter Report yesterday.
Commenting on the performance, Franklyn Butler, CEO, said it was simply the result of delivering the plan presented at the Group AGM held in January.
“We have been laser focused on reducing cost, driving revenue and ensuring we deliver a solid EBITDA position. We have implemented the plan presented at our January AGM, as a result we saw a strong Q3 and an even stronger Q4 in part due to financial reporting changes and revenue growth.”
Butler continued: “When you look at the individual companies that make up the Cable Bahamas Group, you can see clearly that they are all performing and the capital investment we made is beginning to drive shareholder value. Having delivered a fourth quarter year on year EBITDA improvement of 63 per cent, REV is the foundation for our success. Residential customers continue to enjoy the best internet speed, homephone rates and TV with our TRIO campaign, plus we continue to reward our customers with the $136,000 CASHBACK campaign for their loyalty.”
Cable Bahamas Group 2019 fourth quarter performance delivered $67.3M in revenues and a $25.6M EBITDA.
The Groups performance for the same period last year was $58.7M revenue and $7.2M EBITDA. When compared year on year, both revenue & EBITDA increased by $8.6M and $18.4M respectively.
Butler said: “With ALIV I am extremely proud to announce that it’s fourth quarter was $5.5M EBITDA positive and its fourth quarter year on year EBITDA improved by $13.5M – a more than impressive result given the business is just three years old. It is important to understand that for mobile cellular start-ups, the initial costs typically impact EBITDA greatly for the first five years of the operation.
“On a personal note, I am even prouder of the fact that in the midst and in the aftermath of Hurricane Dorian – the worst hurricane to ever impact the Bahamas – ALIV provided services that without question saved lives and allowed consumers to communicate with loved ones in their most significant time of need. This demonstrated that the ALIV and REV networks and teams were resilient and totally committed to the people of the Bahamas. Not only can we say we broke a monopoly, now we can also say, with immense pride, that the brand ALIV transformed into a reality for many of our customers.”
Back in August Cable Bahamas announced that it had entered into a definitive agreement to sell its Florida based operation to Grain Management LLC for $332.5 million.