Mobile phone network 3 has significantly reduced its operating losses, after re-vamping its business strategy and introducing tariffs and services aimed at less well-off customers.
According to figures just released by 3, the company posted a loss of £152 million for 2008, having made a loss of £791 million for the preceding year.
In its first year of operation in 2003, the then-struggling firm recorded an annual loss of £1.5 billion, the Times reports.
Analysts ascribe the improvement in the company’s fortunes to its decision to reasses its early strategy of targeting the higher-end of the UK mobile phone market.
Premium services such as video calling had proved less attractive to customers than had been anticipated, prompting 3 to switch focus and bring in deals which offered cheap voice and data calls.
This has helped the company to grow its customer base to such an extent that it now commands an 8.9 per cent share of the UK market – equivalent to 4.9 million customers.
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