Three UK Q3 2023 results

Three UK delivers margin and steady revenue growth,

EBITDA minus CAPEX continues to be negative



YTD 2023



YTD 2022 



% Variance

Total Revenue (£m) 1,871 1,831 2%
Total Margin (£m) 1,239 1,139 9%
Capex (£m) 350 578 -39%
Net ARPU (£) £13.21 £13.05 1%
Net AMPU (£) £11.87 £11.67 2%
Active Customer (‘000) 10,735 10,320 4%
Active Contract Customer (‘000) 8,928 8,332 7%
Registered Contract Churn (%) 1.4% 1.4% NM



  • Revenue and margin have grown year-on-year despite challenging economic conditions, driven by growth in customer base.
  • Active contract customer base has increased by 7% year-on-year, together with net AMPU growth of 2% through repricing initiatives, this has contributed to a 9% increase in total margin.
  • Active contract customer base maintained a solid growth year-on-year driven by growth of B2B in SME segment, 5G Home and SMARTY.
  • Churn rates remained stable delivered through strong retention initiatives.
  • Opex increased year-on-year due to inflationary pressure including higher energy costs, as well as additional service fees upon disposal of the tower assets in November 2022 and higher maintenance as network rollout continues.
  • Reported capex down; capex spend predominantly focused on meeting regulatory requirements including SRN and High Risk Vendor swap outs.


Robert Finnegan, Chief Executive of Three UK, said:


We have continued to grow the business this quarter and I’m proud that we have increased the customer base and that has resulted in margin growth.


“However, we have been cashflow negative since the beginning of 2020, a situation that is unsustainable. I believe that merging with Vodafone is vital to give us the required scale to invest, grow and compete to create a best-in-class network for the UK.


“I’d like to take this opportunity to thank all my colleagues for their hard work and ongoing commitment to the business.”



Media enquiries:



Andy Rivett-Carnac / Chloe Francklin

+44 (0)79 6899 7365 / +44 (0)78 3497 4624


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