Cell C says revenue up 16%

Johannesburg - Cell C said on Tuesday it grew its full-year revenue by 16% and planned to invest R2.2bn partially in new technology this year.

The unlisted company that initiated a bruising price war two years ago in a bid to gain market share from mobile giants Vodacom and MTN said it increased customers by 44% to 19.6 million users in 2014.

The company said in a statement that this year's budget, down from R2.3bn in 2014, will partly be spent on upgrading to Long Term Evolution (LTE) technology to provide high-speed data for phones and other mobile devices.

Last year, Cell C restructured debt worth €160m, including €82.7m from its parent Saudi Oger, saying it need the cash to expand its operations.

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