CityFibre, a British broadband company, has announced its first year of profit. The company provides high-speed fiber internet to homes and businesses. In 2024, CityFibre connected over 500,000 customers. This success has been driven by a significant increase in customers and revenue, contributing to CityFibre’s profitability.
Financial Success
CityFibre’s revenue grew by 34% in 2024, reaching 134 million pounds. This growth was mainly due to a 73% rise in consumer revenue. The company now has 518,000 customers. This led to adjusted core earnings of 5 million pounds, an increase crucial for CityFibre profitability. In 2023, the company had a loss of 55 million pounds.
Expanding Network and Partnerships
CityFibre’s network now covers 4.3 million premises. The company aims to expand its network to over 8 million premises. It plans to add 1 million more this year. CityFibre works with over 40 internet service providers. A major partnership with Sky will further boost its customer base, enhancing profitability.
“We achieved our first full year of profitability,” said Greg Mesch, CityFibre’s CEO, emphasizing the financial milestone. He also highlighted the new partnership with Sky. This deal doubled the company’s ability to sell its services.
Efficient Operations
CityFibre has improved its processes to handle its growing network. “We could operate a 6, 8, 10, 12 million footprint with roughly the same amount of people,” Mesch said. This operational efficiency aids in maintaining CityFibre profitability as the company expands without needing many new staff.
New Strategies for Growth
CityFibre is changing its approach to growth. It is now participating in government contracts to build networks in rural areas. It is also acquiring smaller providers. In May, CityFibre bought Lit Fibre, a strategy aimed to boost profitability.
