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The ITS Technology Group, which have deployed various open access and business-focused full fibre broadband and Ethernet networks across parts of the UK, recently published their annual accounts and revealed an expansion of their network length by 13%, as well as a 12% increase in coverage and a 99% rise in take-up (on-net grew 77% and off-net grew 30%).
The operator’s full fibre network was last year said to “pass” more than 465,000 UK businesses (inc. commercial premises), and they often claim to “reach the rest” through their trusted operator partners’ infrastructure, which includes the likes of BTWholesale, Sky, PXC and Virgin Media Business. The new results don’t provide an update on that figure or state exactly how many customers they have, but we do get a lot of financial data.
According to the latest results to the end of 2024 (accessible via ‘ITS (HOLDCO) Limited‘), turnover has increased to £34.48m (2023: £26.85m), while gross profit jumped 47.6% to £16.42m (2023: £13.56m) and the company reported a lower operating loss of -£14.22m (2023: -£16.5m). Total assets less current liabilities then increased to £186.82m (2023: £150.97m) – primarily due to fixed asset additions in the year of £44.13m.
ITS also saw a 33% increase in active network partners, while there was a 29% reduction on ‘Mean Time to Provide’, as the connection volume increased in the year. The Average Revenue Per User (ARPU) has similarly grown by 7%, although we don’t get an exact figure for this and other network stats. Finally, the company was home to a total of 238 employees during the year, which is up from 199 in 2023.
Daren Baythorpe, CEO of ITS, said:
“The directors have received a letter of support from the ultimate parent undertaking confirming its intention to provide financial support to enable the Group to meet its liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.
On this basis, the directors have concluded that the group will be able to meet its liabilities as they fall due and a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and therefore continue to adopt the going concern basis in preparing these financial statements.”