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Mobile phone network Three UK said its losses underlined its need to list alongside larger rival Vodafone.
The company, owned by Hong Kong group CK Hutchison, lost 30 million pounds for the six months to June 30, compared with a loss of 76 million pounds in the same period last year.
But finance chief Darren Purkis said: “The only viable way for us to invest in a network is through the merger with Vodafone, which would unlock £11bn of investment.”
Merger petition: Mobile network Three UK, owned by Hong Kong group CK Hutchison, reported losses of £30m for the six months to June 30
Vodafone and Three agreed a £15bn deal last summer to create the UK’s largest mobile phone network.
But it has yet to be given the green light after raising concerns among regulators.
Three’s losses come despite growing its customer base by 3 per cent to 10.9 million people, mainly through its low-cost mobile network Smarty and its broadband offerings for home and business customers.
Chief executive Robert Finnegan said: “Our cash flows have been negative since 2020 and our costs have almost doubled in five years, meaning investment in the network is unsustainable.”
The Competition and Markets Authority is reviewing the deal. The merger would reduce Britain’s mobile networks from four to three.
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