Gigaclear revenues swell 32%

Gigaclear has reached 500,000 premises ready for service and 100,000 customers connected, according to its latest financial results, for the year ended December 2023.

During the year, the altnet made 160,000 premises ready for service taking the total number to 480,000, an increase of 63% from 98,000 in 2022.

Its customer base grew by 24,000 new customers, a 41% increase from the 17,000 customers reported in 2022. By year-end, the total number of Gigaclear customers stood at just over 92,000.

These additions to Gigaclear’s network spurred 32% revenue growth from £25.7m to £33.8m.

Gigaclear’s reported loss for the year was £138.3m, made worse by a market-to-market loss on its interest rate swaps of £23.8m. Without this, its loss for the year would have been £114.5m, in line with forecasts.

It finished 2023 securing additional equity and a new £1.5bn debt facility which has secured its future and allows it to continue its path to deliver full fibre to one million rural homes.  

Ongoing network expansion means a total of 26 counties can now access a Gigaclear service with recent moves into rural East Sussex, Norfolk and Yorkshire.

These ongoing build efforts saw Gigaclear increase its operating expenses to £91.9m from £63.75m.

Gigaclear closed 2023 with 819 employees, a growth in headcount from 670 at the beginning of the year. It hired mostly across instillations, customer operations, sales and billing.