CK Hutchison Group Telecom specified fixed wireless access (FWA) and expansion of data analytics projects as growth drivers for the business going forward, as its European 3-branded operations reported a mixed bag of results for 2022.
In its annual earnings statement, the company outlined key growth areas which include drives to increase its customer base, push FWA across its markets and increase the scope of the data analytics applications it offers to industry.
The group noted it had already developed applications for mobility, retail and tourism, digital advertising and utilities sectors using data analytics, and planned to target areas including electric vehicle charging infrastructure moving forward.
Other growth areas identified were accessory sales and partnerships with third-parties to offer new products.
For 2022, its 3 Europe operation reported mixed results from its two largest markets.
Its UK business booked a 6 per cent year-on-year increase in its customer base and an associated 4 per cent increase in revenue, while Italian business WindTre suffered a 6 per cent revenue decline.
The company also took another non-cash impairment on its Italian business of €1.3 billion, blamed on the “continuing challenging business environment” in the country. The hit was lower than the €1.7 billion write down in the market the previous year.
Across CK Hutchison Group Telecom, which comprises 3 Europe and its mobile unit in Hong Kong and Macau, it booked flat revenue of €10.1 billion. Net profit fell 55 per cent to €1.1 billion. The drop in its bottom line was attributed to higher one off gains in 2021 and deferred tax credits in the UK.