Britain’s largest independent full-fibre broadband network CityFibre achieved over £100 million in revenues for the first time in 2023, per the group’s latest trading update.
CityFibre added one million ready-for-service (RFS) homes in the year, bringing the total RFS premises count to 3.2 million.
CityFibre, which is attempting to establish itself as a competitor to BT Openreach, saw a doubling in network take-up, with live customer connections now exceeding 337,000.
A pivotal element of CityFibre’s strategy has been its participation in the UK Government’s ‘Project Gigabit’ initiative.
The company secured four new contracts within this initiative worth £387 million in a bid to bolster gigabit-capable infrastructure in rural areas, further extending CityFibre’s footprint and influence.
According to the group's trading statement, in CityFibre’s most mature market Milton Keynes, more than 30% of the homes have already chosen to move over to CityFibre’s network.
Chief executive Greg Mesch commented: “In spite of a challenging operating environment, CityFibre continues to go from strength to strength.
“During 2023, we generated over £100m in revenues, delivered our target of one million Ready For Service premises, and doubled take-up across our footprint.
“We look forward to building on this firm foundation and exploring opportunities to transform our expansion ambitions in 2024 and beyond.”
CityFibre is targeting an EBITDA breakeven in the first half of this year.