Com Hem reports strongest third quarter to date

Swedish cable operator Com Hem has posted a strong third quarter, reporting a record subscriber total, revenues up 4.3% to SEK1.309 billion (EUR135 million) and underlying EBITDA up 8.7% to SEK642 million.

The operator added 8,000 customers in the quarter to take its total to 934,000. Digital TV customers increased by 4,000 and the number of subscribers taking the operator’s TiVo-based advanced TV offering increased by 7,000, taking the penetration rate of the service to 37%.

Broadband subscriber numbers grew by 11,000 to 689,000. Churn fell to a record low of 12.7%.

The quarter saw Com Hem complete the acquisition of digital-terrestrial service Boxer, adding 500,000 new subscribers. Boxer is expected to add SEK300 million to the operator’s underlying EBITDA in the first 12 months following the acquisition.

Com Hem lowered its guidance for full-year capex from SEK1-1.1 billion to SEK850-950 million, saying that it had reached a point where it can deliver steady growth at a sustainably lower capex level.