- CityFibre posts £5m EBITDA for 2024
- Company eyes continued growth and M&A opportunities
What happened: CityFibre achieves first profit and strengthens growth outlook
CityFibre has announced its first annual profit with a £5 million EBITDA for the year 2024, marking a major milestone after years of financial losses. This performance contrasts with its £55 million deficit in 2023. The company, which boasts the third-largest fibre network in the UK, achieved revenue growth of 34%, reaching £134 million in 2024. Despite the positive figures, the company’s journey to profitability was a long one, raising questions about the future of smaller fibre builders in the UK market.
CityFibre’s success follows a significant investment in its fibre network, which has been growing steadily for over a decade. The company now serves 4.1 million premises and aims to reach 8 million homes passed. Furthermore, its recent acquisition of Lit Fibre and a strategic partnership with Sky will further expand its customer base. These steps, combined with participation in the UK government’s Project Gigabit, aim to strengthen CityFibre’s position in the industry.
Also read: CityFibre marks first full year of profitability
Also read: Sky partners with CityFibre for full fibre expansion
Why It’s Important
CityFibre’s profitability highlights the ongoing challenges for fibre builders in the UK, where rising inflation and market competition are putting pressure on many players. While larger companies like CityFibre benefit from scale, smaller network providers may struggle to reach similar financial stability.
The company’s ability to expand through strategic acquisitions, such as its recent purchase of Lit Fibre, offers a blueprint for navigating these challenges. As a major player, CityFibre is well-positioned to consolidate the market, strengthening its presence and improving infrastructure competition for UK consumers.
