By Adria Calatayud

Vodafone Group PLC's European telecommunications tower unit Vantage Towers on Tuesday presented financial results for the first time ahead of its planned initial public offering in Frankfurt next year.

Vantage, which owns around 68,000 tower sites across nine countries, said pro forma adjusted earnings before interest, taxes, depreciation and amortization after leases for the first half of fiscal 2021 were 267 million euros ($316.5 million), in line with management's expectations. Revenue for the six months to Sept. 30 was EUR479 million.

For the year ended March 31, the company's pro forma adjusted Ebitda after leases was EUR680 million on revenue of EUR945 million. This includes its share of Infrastrutture Wireless Italiane SpA's earnings for 2019, as Vantage owns a stake in the Italian telecom-infrastructure company.

Vantage said commitments for 7,100 new sites are expected to generate a contribution to adjusted Ebitda after leases of EUR130 million by fiscal 2027.

"We have a powerful base from which to capture exciting organic and inorganic value accretive growth opportunities," Chief Executive Vivek Badrinath said.

Vodafone on Monday said Vantage's IPO was on track for early 2021.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 17, 2020 02:43 ET (07:43 GMT)

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