The Bulgarian incumbent telco Vivacom generated 29% of United Group’s revenues in the first quarter.

In a trading release, the group says that it was followed by Telemach Slovenia at 14%, Greece’s Forthnet also at 14%, SBB Serbia at 13%, and Telemach Croatia at 10%. Telemach BH and Telemach Montenegro each contributed less than 5% of Group revenue. Meanwhile, United Group’s media arm United Media contributed 13% of total Group revenues in the quarter.

At the same time, the largest contributions to consolidated EBITDA in the quarter came from Vivacom (34%), SBB (17%), United Media (14%), and Telemach Slovenia (13%).

The group’s revenues in Q1amounted to €439.4 million, up by 126.5% from €194.0 million in the first quarter of 2020, while adjusted EBITDA increased by 11.8%, from €84.6 million to €179.2 million. Capital investment in Q1 was €91.3 million, up 57.9% on the €57.8 million posted a year earlier.

United Group also notes that revenues in FY 2020 amounted to €1,161.3 million, or 56.5% more than €741.8 million. Adjusted EBITDA increased by 52.5% from €315.6 million to €481.3 million, and investment by 57.3% from €197.2 million to €310.2 million, over the same period.

United Group’s entry into Croatia, Bulgaria, and Greece grew the total market served by the company to approximately 40 million people. Pro-forma revenues significantly increased, reaching nearly €2 billion annually. RGUs at the end of Q1 was up more than 120% from a year earlier at approximately 11 million.

Commenting on the group’s performance, CEO Viktoriya Boklag said: “2020 was one of the most transformative years in our history and 2021 looks to be equally important. Positive trends in turnover and EBITDA have continued throughout 2020 and into 2021. Our steady path of profitable growth was supported by key acquisitions that opened new markets to us and which are providing a foundation for United Group’s continued leadership in the region as a provider of both telecommunications and media services. We see significant opportunities for growth in each new market, as well as healthy synergies with the rest of the group”.

She added: “Positive trends continue across the board. We are very optimistic about the future of the company and are taking proactive steps to future proof the business”.