Network operator CityFibre has today published a key trading update for the year ended 31st December 2024 (FY24), which reveals that the coverage of their full fibre (FTTP) broadband ISP network has now reached 4.3 million UK premises (inc. Lit Fibre), with 518,000 live customers, and they also delivered their “first full year of profitability“.
Just to recap. The alternative network operator currently still aspires to cover up to 8 million UK premises with their new full fibre network (funded by c.£2.4bn in equity, c.£4.9bn debt and c.£800m of BDUK / public subsidy) – representing c.30% of the UK. So far, they’ve covered 4.3 million premises and have connected 518,000 customers, although it’s unclear when they’ll hit the 8m target (certainly not by their original 2025 goal).
CityFibre has also won several state aid funded contracts under the Government’s £5bn Project Gigabit broadband roll-out scheme, which is focused on upgrading the final 10-20% of hardest to reach premises (usually those in rural areas). The operator expects these to help boost their coverage by another c.1.3 million premises.
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