CityFibre turns a full-year profit for the first time

News UK altnet CityFibre has announced its 2024 annual results, reporting its first full year of profitability, with a 34% revenue increase to £134 million The company’s consumer revenue rose by 73%, while it added 181,000 net new customers, bringing the total number of live customers to 518,000. CityFibre’s fibre network now covers 4.3 million premises, with 4.1 million Ready for Service (RFS). CityFibre’s involvement in the Project Gigabit initiative also delivered £865 million in government subsidies to bring fibre to underserved areas. The company added 900,000 premises through new government-funded projects and the acquisition of Lit Fibre , which contributed 280,000 premises to its network. “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, said CEO Greg “As we look ahead to 2025 and beyond, we are confident in delivering accelerated, profitable growth across our expanding platform, with half the UK broadband market now served by our partners. We will also harness our increased participation in government’s Project Gigabit and make the most of a rapidly emerging altnet consolidation opportunity, realising the benefits of infrastructure competition for consumers, businesses and for the UK.” Key highlights of the year included Sky and CityFibre announcing a long-term partnership allowing Sky to offer full fibre services over CityFibre’s network. The agreement significantly expands CityFibre’s addressable market, which now covers 49% of the UK broadband market. Services are set to launch this year. Join us at Connected North, 23-24 April in Manchester. Get discounted tickets here! Also in the news: Vitrifi’s cloud technology transforms M&A in the global fibre broadband market French energy giant EDF offers up land for data centre projects Connected America 2025 is now less than one month away