United Group has issued a trading update for the two months ending November 30, 2021.
It covers both United Group and Crystal Almond Intermediary Holdings, together with its subsidiaries Wind Holdings, and estimates revenues of between €337.5 million and €341.5 million, compared to €276.6 million in the corresponding period in 2020. The increase was primarily due to organic growth as well as due to the acquisition of the Nova Broadcasting Group and Nova Greece, which were not included in the 2020 figure. United Group estimates that EBITDA for the two-month period ended November 30, 2021 (excluding any adjustments), will be between €128.0 million and €132.0 million, compared to €109.2 million for the same period in 2020.
United Group adds based that preliminary results from Wind Hellas’ unaudited management accounts for the two-month period ended November 30, 2021, and other information currently available, Wind Hellas estimates that its service revenue for the two-month period ended November 30, 2021 will be between €89.0 million and €90.0 million, compared to €84.6 million for the corresponding period of 2020.
Estimated Wind Hellas service revenue increased compared to the prior-year period due to higher retail customer base, increased take-up of its wholesale NGA offering and increased number of visitors. Wind Hellas estimates that its EBITDA for the two-month period ended November 30, 2021 (excluding any adjustments), will be between €38.0 million and €39.0 million compared to €35.8 million for the same period in 2020.
Following receipt of the approval from the European Commission for the acquisition of Wind Hellas by United Group on December 21, 2021, United Group expects the Wind Hellas acquisition to be consummated on or about January 12, 2022.
Based on unaudited pro forma financial data giving effect to the Wind Hellas acquisition from January 1, 2021, financial information derived from unaudited management accounts as well as certain management assumptions and estimates, United Group had pro forma run-rate revenue for the annualised last two quarters ended September 30, 2021 of €2,536.2 million, and pro forma run-rate last two quarter annualized adjusted EBITDAaL for September 30, 2021 was €969.0 million.
