Eir sees profits go up

Eir has announced a €24m increase in operating profits to €505m in the year to June – that’s up 5% on the previous year.

Group revenues at the country’s largest telecommunications company were 4% higher at €1.3bn, in the former Eircom’s first year of annualised growth since 2008.

Operating costs at the firm remained broadly flat.

The past year has seen Singapore sovereign wealth fund GIC invest €230m into eir, saving it €17m in interest payments on a bond refinancing programme. It also saw the launch of Eir Sport.

Eir chief executive Richard Moat hailed it as a landmark year for the firm:

"The transformation of our organisation in the past twelve months is clearly evident. We introduced our new invigorated brand ‘eir’ in September last year, and the recent launch of eir sport positions us as a new name in Irish broadcasting.

“We have a great platform for our new financial year and we are looking forward to the future with confidence."