One Communications made a profit of $15 million, or 36 cents per share, and increased its total assets by $13 million last year.

Frank Amaral, chief executive officer, described 2017 as a strong year for the company, and said: “We maintained the revenue growth achieved in 2016 while significantly reducing operating expenses.”

A year-on-year comparison of net income is not possible, due to transactions, completed in May 2016, which resulted in the creation of One through the combining of KeyTech and CellOne. However, for the eight months from May 3, 2016 to the end of December 2016, the company made a profit of $2.1 million.

Mr Amaral said: “The company completed its roll out of its high speed 4G LTE mobile data services in November 2017. All of our internet customers received a free speed boost in Q4 2017 as part of our FibreWire infrastructure build and we continue to make progress on our revolutionary television platform which is to be launched towards the middle of 2018.

“On the customer service front, we are focused on improving the customer experience as we roll-out new systems and performance measures, and undertake key internal integration to allow us to provide customers with the convenience of one bill in the second half of 2018.”

Mr Amaral added: “Cayman continues to generate positive growth as we build out our fibre network and add customers as the islands’ highest customer-rated service provider.

“We have seen significant changes in the organisational structure of the company at all levels and are confident that these changes will equip us to remain at the forefront of what is an increasingly competitive operating environment.”

One has amended and restated its long-term debt agreement to increase the facility to $37.5 million. In connection with this, the company increased its overdraft facility from $5 million to $10 million.

The company realised $900,000 from the sale of investments. It also sold its equity interest in Quo Vadis Holdings Ltd to WISeKey SA, receiving $1 million in cash and 88,800 shares in WISeKey, valued at $400,000.

One’s total assets increased from $185.4 million to $198.3 million during 2017. The company repurchased 446,652 of its shares last year as part of a share buyback programme. Shareholders’ equity increased by about $13,000 to $136,425.