October 10, 2015
Mobile firm 3 managed to cut losses in the previous year to £841 million, which is an improvement on the £1.4bn loss in 2005.
Revenues increased by one third to £1.4bn.
The firm focused on signing users up to monthly deals rather than pay-as-you-go services.
The reduction in loss is partly credited to the firm’s Hong Kong parent company Hutchison Whampoa waving interest payment on loans.
The sale of eight data centres for £55 million profit also helped 3’s finances.
3 was criticised with giving one director rumoured to be Bob Fuller was paid one million pounds. Fuller has since been replaced with Kevin Russel.
3 itself made no mention in it’s 2006 financial report why the interest on the fees were waived, the absence of these fees reduced the tax credits 3 could claim.