- CityFibre achieves first full year of profitability with £134 million in revenue
- Strategic partnership with Sky doubles retail sales capacity
What happened: CityFibre hits first full-Year profit with 34% revenue growth
CityFibre, the UK-based fibre broadband provider, has announced its first full year of profitability, marking a significant milestone in its financial performance. The company reported a 34% increase in revenue to £134 million, with consumer revenues surging by 73%.
This growth was complemented by an adjusted EBITDA of £5 million. CityFibre added over 181,000 new customers in 2024, bringing its total live customer base to 518,000.
Greg Mesch, Chief Executive Officer of CityFibre, highlighted the significance of this achievement: “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.”
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Why it’s important
CityFibre’s profitability is a testament to its strategic approach and market positioning. The company’s partnership with Sky is expected to double its addressable market. Consumer Internet Service Providers (ISPs) on the platform now account for 49% of the UK broadband market share.
This move underscores CityFibre’s ambition to challenge BT and other incumbents in the UK’s full-fibre broadband market. James Barford, Head of Telecoms at Enders Analysis, provided context on these results: “We think that the highlight of CityFibre’s 2024 full year results was confirmation of the company having broken even in EBITDA terms, the first of the altnets to do this.
Most look like they will struggle to ever break even in EBITDA terms as stand-alone entities, let alone earn a decent return on investment, highlighting the need for consolidation.”
