Wind Tre continued to be Three Europe's star pupil as the Chairman of parent company CK Hutchison (pictured, left) announced his retirement.

Li Ka-Shing's decision to step down comes as the conglomerate's Three Europe telecoms arm reported full year revenues of HK$70.7 billion, up 13 percent, and EBITDA of HK$24.3 billion, up 28 percent.

The Italy-based Wind Tre, a joint venture between Three and VEON which launched in 2016, reported strong sales and profit growth.

Full year revenues were up 34 percent to €2.73 billion and EBITDA up 126 percent to €1.11 billion.

[Read more: Three finally launches IoT service across 12 networks]

In the UK, EBITDA was down two percent to £702 million thanks to an overhaul of its network and IT systems.

Sales were up seven percent to £2.4 billion, as customer numbers hit 10 million thanks to growth in both contract and prepaid sales. Its customers are now consuming 6.8GB of data per month.

Dave Dyson, CEO of Three UK, said: "“At the same time, we have invested significant time and money in the future growth and scalability of the business.  Our digital transformation is a programme of work that will significantly enhance customer experience, employee experience and cost efficiency.

"Investment in spectrum, next generation network and IT underpins the opportunity to deliver improved results over the long term."

Elsewhere in Three Europe, there was sales growth in Sweden, up four percent to SEK7.51 billion, Denmark, up six percent to DKK2.25 billion, and Austria, up five percent to €812 billion.

Ireland was the exception, with sales down eight percent to €603 million and EBITDA down 10 percent to €169 million.

Announcing his department from a business he originally founded as Cheung Kong Industries in 1950, Li said: "I have led the Group on a steady path of diversification and globalisation through organic growth, mergers and acquisitions, and timely strategic reviews and reorganisations at appropriate junctures to maximise value and returns for shareholders.

"I would like to express my heart-felt appreciation to our shareholders for their unfailing confidence and support in the past years."

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