November 15, 2017 / 6:01 PM / in a year

Telenor's CEO sees growth rising to 2-3 pct in coming years

BARCELONA, Nov 15 (Reuters) - Norway’s Telenor expects annual revenue growth of 2-3 percent in the years ahead, its chief executive said on Wednesday, above the firm’s 1-2 percent expansion target for 2017.

In February, the telecoms operator set a goal of “low single-digit organic revenue growth” for the 2018-2020 period, along with the 1-2 percent target for the current year.

“Overall I see that the entire portfolio is continuing to grow. It won’t go back to old growth rates of 4-6 percent but we do see 2-3 percent in the years to come,” Telenor CEO Sigve Brekke told a conference hosted by Morgan Stanley in Barcelona.

With 176 million customers in 12 countries across Scandinavia, central Europe and Asia, the company has recently boosted earnings margins by cutting costs and selling non-core businesses, driving its shares up 39 percent year-to-date.

Telenor does not plan to make any major acquisitions but remains open to doing deals within the geographical markets it’s already involved in, Brekke said. (Reporting by Douglas Busvine in Barcelona Writing by Terje Solsvik in Oslo; Editing by Hugh Lawson)

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