Helios Towers PLC (LSE:HTWS) hit a new high for the year as the Africa-focused mobile infrastructure group said new tenants for its masts helped drive revenues forward in the first three months of 2024.
Changes to its depreciation policy helped operating profits double to US$67 million and boosted cash flow by 21%.
Sites increased by 69 compared to three months ago and by 482 year-on-year, while tenants rose by 2,566 in the quarter to 27,686m which helped to add three percentage points to margins.
Tin Greenwood, chief executive, added it was one of the group’s strongest quarters yet for tenant additions moving it closer to its target ratio of 2.2 times from the current two times.
Debt at the end of the period was US$1.81 billion with deleveraging, organic growth and cash flow inflexion still the focus, Greenwood added.
Shares jumped 11p to 121.4p.