CityFibre achieves profitability across 3.6m premises network

Wed, 8/05/2024 - 10:40

CityFibre’s customer connections have exceeded 400,000, growing 77% year-on-year and with installations regularly exceeding 1,000 a day.

The company also delivered a positive EBITDA performance for the full three months ended 31 March 2024, ahead of its target to breakeven in the first half of the year. Its quarterly revenues have increased by more than 30% year-on-year.

The company’s rollout has now passed more than 3.6m premises of which more than 3.3 million are Ready For Service (RFS). It remains on track to deliver one million premises in 2024 through its build programme and M&A pipeline.

In March, CityFibre acquired of Lit Fibre, accelerating its nationwide full fibre rollout by up to 300,000 premises, and expects to close several more deals over the next two years.

Greg Mesch, CEO at CityFibre, said: “2024 has got off to a flying start for CityFibre. We’ve achieved profitability ahead of schedule, increased revenues by more than 30%, reached over 400k customers, secured almost £400m in new Project Gigabit contracts and acquired Lit Fibre.”

Steve Holliday, non-executive Chairman at CityFibre, added: “Achieving EBITDA profitability marks an important milestone for CityFibre. The UK market needs a third infrastructure platform of scale to ensure competition matures and that it continues to deliver for consumers and the country. As a profitable business, with supportive investors and ISP partners.”