Robert Finnegan, the company’s chief executive, made the remarks while pleading with authorities to accept the planned £15 billion merger with Vodafone, saying it would open the door for increased investment in network infrastructure.
It was announced alongside Three’s pre-tax losses for the first half of 2024, which came in at £30 million as opposed to the £76 million it lost in the same period the previous year.
According to Mr. Finnegan, the company has “continued to make a loss driven by the escalating inflationary costs of operating our network” even though it has reduced its capital expenditure.
“Our cash flows have been negative since 2020, and our costs have nearly doubled in that time,” he stated.
The UK’s mobile networks are ranked a dismal 22nd out of 25 in Europe for 5G availability and speeds. The market’s broken structure prevents us from making the kind of sustained investments necessary to improve the situation.”
According to Mr. Finnegan, “Our merger with Vodafone will unlock £11 billion in investment in digital infrastructure, helping to grow the UK economy and create a best-in-class 5G network for the UK.”
