Yes, CityFibre has achieved profitability. The company reached this significant financial milestone ahead of its projected schedule in 2024.
CityFibre's Financial Milestone
The Chief Executive Officer at CityFibre, Greg Mesch, confirmed that the company "achieved profitability ahead of schedule" in 2024. This achievement marks a pivotal moment for the full-fibre network provider, signaling a strong performance trajectory and successful execution of its business strategy.
Key Indicators of Growth and Success
CityFibre's profitability comes amidst a period of considerable growth and expansion, highlighted by several key achievements:
- Revenue Growth: The company has seen its revenues increase by over 30%. This substantial growth indicates a rising demand for its services and effective market penetration.
- Customer Connections: CityFibre successfully expanded its customer base, reaching more than 400,000 connections. This growing subscriber count directly contributes to its revenue and overall financial health.
- Project Gigabit Contracts: CityFibre secured almost £400 million in new Project Gigabit contracts. These contracts are crucial for extending the reach of its full-fibre network across the UK, securing future revenue streams and expanding its market footprint.
- Strategic Acquisition: The company also completed the acquisition of Lit Fibre, further consolidating its position in the market and enhancing its network infrastructure.
These developments collectively underscore CityFibre's strong operational performance and strategic initiatives that have contributed to its early profitability. For more details on these achievements, an official announcement from CityFibre provides comprehensive insights into their recent milestones and growth.
