Fibrus celebrates 100k milestone in 2024

Fibrus has revealed its annual financial results that show 2024 was the altnet provider’s strongest year for customer acquisition, marking a key milestone in its goal towards half a million connections.

Key takeaways include a 58% increase in revenues to £17.6m from £11.1m; with Fibrus experiencing a positive year for customer growth and reporting a 143% increase in connected customers, which grew by 46k during the year from 32k to 78k, having passed the 100k milestone subsequent to year end.

Customer penetration now exceeds 25%, and Fibrus hopes to continue this positive trajectory towards reaching half a million homes.

Alongside this increase in revenues, there was also a 64% increase in gross profit to £6.1m from £3.8m as revenue growth exceeded the increase in direct costs.

However, EBITDA loss increased to £7.2m from £3.2m due to the increased investment in customer acquisition and maintaining its growing customer base, although Fibrus expects to be at EBITDA breakeven during the current financial year.

Capital invested in infrastructure for the year was £153m from £142m, the number of connected network premises increased by 100k during the year to 353k at 31 March 2024 and have subsequently passed the 400k milestone.

The investment in infrastructure has been financed by an increase of £70m in third party debt and £41m in funding from shareholders, and prior to the end of the financial year, Fibrus secured a £100m extension to its senior debt facility which means it is now fully funded to complete its planned build programme.

Colin Hutchinson, Chief Financial Officer at Fibrus said: “This year we passed the milestone of connecting 100K customers, and we’re nearing the end of our first Government funded project, Project Stratum, which is being delivered on time and within budget.

“The Fibrus network has made a significant contribution to regional connectivity, more so than ever over the past year, and this set of financial results are a marker of that.”