July 31, 2019 / 3:50 PM / 3 months ago

Altice Europe's French division swings back to growth in Q2

PARIS, July 31 (Reuters) - Altice Europe’s French division swung back to growth in the second quarter, the debt-ridden cable and telecoms group said on Wednesday, signalling that the turnaround was underway in its main market.

The Amsterdam-based holding said the unit, which accounts for more than 70% of its activity, grew by 4% from a year ago over the period and added customers for both its fixed and mobile businesses.

Group revenue were up by 3.3% on a constant currency basis to 3.59 billion euros in the second quarter, while core operating profit jumped by 9.3% to 1.43 billion.

As a consequence, Altice Europe raised its full-year targets. The group now sees operating free cash flow growing by around 15% in 2019, compared with about 10% previously. It also sees its French unit’s sales gain between 5% and 6%, compared with 3 to 5% previously. (Reporting by Mathieu Rosemain and Gwenaelle Barzic; editing by Michel Rose)

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