Ono’s ability to maintain profit margins through the economic crisis and several quarters of revenue growth leave the Spanish cabler in a strong position despite the ongoing financial crisis in Spain.
“ONO’s business model has shown resiliency to the economic crisis, and the company has been able to maintain EBITDA margins above 50%, increasing EBITDA through cost cuts despite pressures on the top line. In addition, pressures on revenues have been mitigated by the company’s focus on high value customers, with high ARPUs and lower churn,” noted credit ratings agency Moody’s.
Moody’s added that the company is now recording quarterly revenue growth and in the first quarter of this year increased sales by 5% while its larger rival, Telefonica, recorded an 11% revenue decline. It noted: “We believe that ONO will be able to maintain this positive momentum by further improving its triple-play penetration, helped by its technologically advanced networks and new product offerings such as TiVo.”
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