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Three UK publishes Q1 2023 results

Three UK delivers strong margin and revenue growth, driven by increase in customer base.


Q1 2023 Q1 2022 % Variance
Total Revenue (£m) 610 582 5%
Total Margin (£m) 389 364 7%
Capex (£m) 140 162 -14%
Net ARPU (£) £13.05 £12.96 1%
Net AMPU (£) £11.70 £11.52 2%
Active Customer (‘000) 10,312 9,747 6%
Active Contract Customer (‘000) 8,593 8,172 5%
Registered Contract Churn (%) 1.4% 1.3% NM
  • Total Revenue growth of 5% to £610m (Q1 2022: £582m) driven by customer base increase
  • 7% margin increase to £389m (Q1 2022: £364m) as a result of customer growth and supporting initiatives
  • Despite strong revenue and margin growth, inflationary costs continue to impact the business
  • Active customer base increased by almost 565,000 or 6% year-on-year to 10.3m (Q1 2022: 9.7m)
  • Contract customers grew 5% to 8.59m (Q1 2022: 8.17m) primarily driven by B2B and SMARTY
  • Capex decreased to £140m (Q1 2022: £163m)
  • IT transformation launched in Q1 with ‘Three Your Way’, which transformed our customer offering giving flexibility to customise plans, including what to pay up front, device financing and eSIM options.

Robert Finnegan, Chief Executive of Three UK, said:
“We have continued to see growth this quarter with a strong year-on-year performance reflected in a 6% increase in our active customer base, 5% in revenue and 7% in margin. We also delivered our new IT systems, which will transform our customer offering and give customers flexibility to choose their plan.

“However, our returns remain below the cost of capital. Connectivity is crucial to how we live and work; for the industry to continue investing in the UK’s digital infrastructure, market structural change is needed.”

CT Bureau

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