Fibre optic network聽builder CityFibre has posted聽their final results for 2016 which reveals聽their聽business plan has accelerated by up to seven years.
The聽group has聽increased turnover to聽拢15.4m and gross profit is up to 拢13.5m for the year ending 31 December 2016. The聽cable duct and fibre optic network laid by the business is up 3,383km from 743km in 2015,聽which聽is聽now serving 3,962 customer premises, up from 1,200.
The operator also has an additional 29 cities within its coverage area and has signed up 54 new partners for its fibre optic network.
鈥�2016 was truly a transformational year for CityFibre. Alongside delivering on our stated growth strategy, the acquired network footprint has accelerated our original business plan by up to seven years,鈥� said Greg Mesch, CEO of CityFibre.
鈥淥ver the last twelve months we have more than doubled our contracted revenue base, added twenty nine new cities and increased our service provider partner base to 54.鈥�
The company announced it had also made a net loss after tax of 拢12.6m but is capitalising on momentum for alternative fibre optic providers after BT鈥檚 separation of its Openreach network and wider customer group at Ofcom鈥檚 order.
鈥淐ityFibre now has significant presence in 42 cities across the UK and the rapid commercialisation of the Group鈥檚 assets underlines the strong demand for an alternative to BT Openreach聽at a national level,鈥� said Mesch.
鈥淲e continue to see significant levels of demand from both business and public services sectors alongside increasing interest from mobile operators and residential broadband providers.
鈥淲ith the regulatory and聽political landscapes now both favouring alternative fibre investment, CityFibre has never been better placed to capitalise on expanding its existing footprint and a growing number of near term strategic opportunities.
鈥淐urrent trading continues in line with management鈥檚 expectations.鈥�
In March鈥檚 Spring Budget, the Chancellor revealed that alternative providers of fibre optic cable would receive a 拢200m investment boost to encourage industry competition and support the roll-out of superfast broadband across the UK.