Northern Ireland’s fastest growing technology company reports 58% increase in revenue as it passes 100,000 customer milestone
NI Full Fibre broadband provider, Fibrus, has reported on its financial results, reflective of what has been its strongest year for customer acquisition
Northern Irish Full Fibre broadband provider, Fibrus has reported on its financial results, reflective of what has been its strongest year for customer acquisition.
58% increase in revenues to £17.6m from £11.1m; the company experienced a record breaking year for customer growth reporting a 143% increase in connected customers, which grew by 46k during the year from 32k to 78k and have passed the 100k milestone subsequent to year end. Customer penetration now exceeds 25%.
64% increase in gross profit to £6.1m from £3.8m as revenue growth exceeded the increase in direct costs.
EBITDA loss increased to £7.2m from £3.2m due to the increased investment in customer acquisition and maintaining our growing customer base. The company expects to be at EBITDA breakeven during the current financial year.
Capital invested in infrastructure for the year was £153m from £142m, the number of premises which can connect to the Fibrus network increased by 100k during the year to 353k at 31 March 2024 and have subsequently passed the 400k milestone. Our total investment in fixed assets stood at £412m at 31 March 2024.
The investment in infrastructure has been financed by an increase of £70m in third party debt and £41m in funding from shareholders.
Subsequent to the end of the financial year the Company secured a £100m extension to its senior debt facility which means it is now fully funded to complete its planned build programme.
Colin Hutchinson, chief financial officer at Fibrus, said: “Our financial results reflect the significant growth in our customer base driven by the quality of the service we are delivering to our customers, evidenced by our Trustpilot score.
“This year we passed the milestone of connecting 100K customers, and we’re nearing the end of our first Government funded project, Project Stratum, which is being delivered on time and within budget.
“The Fibrus network has made a significant contribution to regional connectivity, more so than ever over the past year, and this set of financial results are a marker of that.
“Transforming the digital infrastructure and changing the lives of the people in our communities is our number one priority and we are proud to play such a key role in democratizing broadband access for thousands of people living and working in the areas we serve.
“We have big ambitions for the year ahead and are looking forward to continuing this positive trajectory for the company, our employees and our shareholders and investors, on our journey to reach half a million homes.”
Fibrus was ranked the fastest growing company in Northern Ireland earlier this month in the Deloitte Technology Fast 50 leaderboard. The company was placed as second fastest growing company on the island of Ireland.