Virgin Media O2’s results from its recent Q3 financial report shows the company is on track to continue targeted investments over the next year.
Thu, 31/10/2024 - 12:20
Grain (Grain Connect) published its annual results for the year ended 31st March and made some positive financial predictions.
Key points from the financial report include that “the business passed the point of peak EBITDA investment (in May 2023) and finished the year with a monthly profitability on a trajectory to EBITDA positive”.
This is forecast to be achieved in the “second half of the next financial year” (ended 31st March 2025).
A further £18m of equity funding was also secured from existing shareholders to help continue its network expansion.
The operator’s full fibre network can currently be found in parts of 59 UK locations (plus over 150 new build housing developments), which includes a lot of small-to-modest sized areas in urban cities and towns.
Grain has previously secured funding of approximately £220m via Equitix, Albion Capital, Pinnacle Group and German Landesbank Nord L/B.
The operator originally aimed to cover 400,000 UK premises by the end of 2026.
Grain’s results showed full ownership of its end-to-end access network; a low net debt per home passed, relative to others, at £147 by the end of the year; and that its revenue was up by 191% to £4.5m (2023: £1.55m).
Other results show EBITDA of (£7.583m) vs 2023: (£7.401m) alongside a gross profit of £2.063m (2023: £133k) and an operating loss of £15.04m (2023: £10.61m).
Grain now has a customer base of over 27,000, with the average operating cost per customer per month of £54.24, which is down 72% from £198 in the previous year and should continue to fall.
The same results also revealed its loss for the year, after tax, of £19.31m (2023: £5.21m).
