Independent telecoms tower infrastructure firm Helios Towers Africa has confirmed a 39.9% increase in revenue year-on-year to US$83.0 million, up from the previous period's figure of US$59.4 million in Q1 2016.

The company posted its unaudited results for the first quarter ended 31 March 2017 and included in its announcement 87% of revenue from investment grade or near investment grade customers; Q1 adjusted EBITDA up 71.3% year-on-year to US$27.5 million (Q1 2016: US$16.1 million) and Q1 adjusted EBITDA margin up 22.5% year-on-year to 33.1% (Q1 2016: 27.0%).

It added that cash and cash equivalents of US$288.8 million as at 31 March 2017 (31 December 2016: US$133.7 million).

This was supplemented by successful US$600 million Bond issuance in March 2017, raised to enable investment in tower infrastructure and acquire remaining minorities in the group's companies.

During the period under review, the company added 1 053 tower sites, and its tower portfolio, as of March 2017, stands at       6, 477 representing a CAGR rate of 29.6% between 2013 and 2016.

At the time Kash Pandya, CEO of Helios Towers Africa was quoted as saying, "We take great pride from global investors' confidence in the platform and our ability to deliver the exceptional customer service that has driven over 60 per cent growth in tenancies over the last 24 months."

Now, almost three months later, fom an operations point of view, the company recorded an increase in tower sites of 19.3% year-on-year to 6,507 sites (Q1 2016: 5,454 sites); and an increase in tenancies of 22.7% year-on-year to 12,383 sites (Q1 2016: 10,089 tenancies).

Pandya added, "Our strong financial and operational performance in 2016 has continued into the first quarter of 2017, with impressive results in our key metrics. Revenue and EBITDA have recorded 39.9% and 71.3% increases respectively. Operationally, we have more tower sites, more tenancies and an improved tenancy ratio.