Mobile phone network Three UK said its losses underlined its need to list with larger rival Vodafone.
The company, owned by Hong Kong group CK Hutchison, lost £30million for the six months to June 30, compared to a £76million loss in the same period last year.
But finance chief Darren Purkis said: ‘The only viable way for us to invest in a network is through the merger with Vodafone that would unlock £11bn of investment.’
Merger plea: Mobile phone network Three UK, which is owned by Hong Kong group CK Hutchison, reported losses of £30m for the six months to June 30
Vodafone and Three agreed a £15billion deal last summer to create the UK’s largest mobile phone network.
But it has not yet got the green light after attracting concerns from regulators.
Three’s losses come despite growing its customer base by 3 per cent, to 10.9m people, mainly across its cut-price mobile network Smarty, plus its broadband offerings for home and business customer.
Chief executive Robert Finnegan said: ‘Our cash flows have been negative since 2020 and our costs have almost doubled in five years, meaning that investment in network is unsustainable.’
The Competition and Markets Authority is scrutinising the deal. Merger would cut Britain’s mobile networks from four to three.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk