MONTRÉAL – Cogeco Inc. reported its first quarter 2022 results today, which show its revenue increased by 15.3% to $745.3 million compared to the previous year while profits declined 1.1% to $119.1 million.
Cogeco also reported adjusted EBITDA increased 10.4% to $354.4 million.
On a constant currency basis, for the quarter ended Nov. 30, Cogeco reported revenues were up 18% compared to the previous year, mainly due to an increase in American broadband services revenue by 31% in constant currency, an increase in Canadian broadband services revenue by 8.2% and a decrease in revenue from media activities by 2.6%, according to a press release.
The increase in American and Canadian broadband services revenues was largely attributed to the acquisitions of the Ohio broadband systems and of DERYtelecom respectively.
The decrease in revenue from media activities was mainly attributed to “radio advertising continuing to be directly impacted by certain segments of the retail industry reducing or cutting their advertising activities in the context of the Covid-19 pandemic and the slow economic recovery for media companies,” the press release says.
“For this first quarter of fiscal 2022, we are satisfied with Cogeco’s performance, which is in line with expectations,” said Philippe Jetté, president and CEO of Cogeco Inc., in the press release.
“Over the past months, Cogeco Connexion has also made good progress in its preparation for the deployment of its network expansion projects in underserved and unserved areas in partnership with governments,” he said.
“As for our radio business, Cogeco Media continues to face the pressure of the pandemic on the advertising market,” Jetté said. “However, we continue to enjoy strong listener ratings based on the fall 2021 Numeris survey results, which confirmed the outstanding performance of all Cogeco Media radio stations, and in particular, our 98.5 station which was the most listened-to station in all of Canada.”
Cogeco also announced today it is changing the name of its U.S. subsidiary Atlantic Broadband to Breezeline.
For more, please click here.
