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.
Wed, 14/08/2024 - 11:47
Commsworld reported a 45% rise in adjusted EBITDA and a 28% increase in turnover, spurred by its public sector wins.
The company’s total turnover increased from £27.9m to £36.5m, with 60% (£21m) coming from public sector contracts. EBITDA was £6.6m, up from £4.5m in 2022, while pre-tax profit rose from just under £3.3m to £4.6m.
During the year, Commsworld progressed with building 262km of new fibre infrastructure for Northumberland County Council as part of its £22m contract over the next 20 years.
In Renfrewshire, Commsworld has completed the migration and transformation of the council’s WAN as part of its £15m Connectivity as a Service Framework contract.
Steve Langmead, CEO, said: “We now owned around 850km of fibre in total, including further new digital infrastructure provided in Glasgow, Edinburgh, North Lanarkshire, and the Scottish Borders.”
Commsworld’s fixed assets have also nearly doubled, from £9.6m in 2022 to over £17m last year.
Langmead continues: “We are continuing to bring in large public sector opportunities that enable the business to continue to grow.
“We recently secured a contract worth over £35m with Glasgow City Council. Work is also well under way to transform the connectivity to 42 schools in and around Dundee.”
