MM02 set to hit growth target

Mobile phone group mmO2 today said it was comfortable with the City’s expectation of annual earnings in the region of £838m (€1.2m).

In a trading update, the former BT Cellnet business reported “good progress” in the second half of its financial year, including in the UK.

MmO2 expects revenues growth in the mid-teens for the UK arm in the six months to March 31 – meaning it should beat the 10% target set for the year.

The German division has also continued its “operational and financial momentum” and should improve full-year earnings, mmO2 added.

Those performances led the UK company to report that it was likely to hit City forecasts in terms of earnings before exceptional items and tax.