CityFibre has achieved an impressive milestone by reporting its first full-year profit. The company presents a 34% revenue increase in 2024, reaching £134 million. This achievement highlights a 73% growth in consumer revenue. Furthermore, CityFibre added 181,000 new customers, bringing its total customer base to 518,000.
Their fibre network now spans 4.3 million premises, with 4.1 million ready for service. A significant factor in CityFibre’s success is its involvement in Project Gigabit. This initiative allowed them to secure £865 million in government subsidies to extend fibre connectivity to underserved regions. The company expanded its network by adding 900,000 premises through government-funded projects and by acquiring Lit Fibre, which contributed 280,000 premises.
CityFibre CEO Greg said, “2024 was a definitive year for CityFibre. We achieved our first full year of profitability, signed a new strategic partnership with Sky, which doubled our retail sales capacity, and solidified our position as the UK’s leading independent wholesale network.” He confidently adds that the company will continue to grow profitably and considers expanding opportunities arising from altnet consolidations and infrastructure competition.
Noteworthy highlights include a partnership with Sky, enabling Sky to offer full fibre services using CityFibre’s network. This agreement will notably increase CityFibre’s market coverage to 49% of the UK broadband segment. The roll-out of services is planned for this year, promising a significant boost to CityFibre’s presence.
CityFibre’s strategy is effectively maximizing government involvement through Project Gigabit while capitalizing on their fibre-optic infrastructure. This bold approach supports overall broadband market expansion while reducing digital divide concerns.
