Airband Community Internet has published its latest financial results for the year ended 2023, revealing the altnet ISP had rapid growth and strong investment to significantly extend its reach.
Mon, 23/12/2024 - 10:45
Fibrus has reported its strongest year for customer acquisition, with a 143% increase in connected customers, and customer penetration exceeding 25%.
Connected customers grew by 46k during the year from 32k to 78k passing the 100k milestone.
It also saw a 58% increase in revenues to £17.6m from £11.1m; and 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.
Capital invested in infrastructure for the year was £153m from £142m, with the number of connected network premises increased by 100k to 353k at 31st March 2024, passing the 400k milestone.
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.
“We have big ambitions for the year ahead and continuing this positive trajectory for the company, our employees and our shareholders and investors, on our journey to reach half a million homes.”
