Community Fibre has announced an 82 per cent increase in annual revenue to £76 million in 2024 in its latest annual filings.
The London-based altnet, which is backed by private equity firm Warburg Pincus, also reported an EBITDA of £8 million last year, marking its first profit.
Community Fibre’s annual gross margin also rose to 87 per cent, while its customer base grew 51 per cent in the past year.
Graeme Oxby, chief executive officer of Community Fibre, said, “We are convinced that a relentless focus on network and sales excellence, lean operations and industry-leading service is the foundation for success in the altnet market. Community Fibre has proven that new broadband competition can not only be financially sustainable in the long run, it can also deliver meaningful advantages to UK society.”
Throughout the year, Community Fibre expects to see additional customer growth from its two major ISP partners, as well as an uplift of its B2B broadband arm. With its lean operating model, promise of a stable pricing regime on PIA through 2026 to 2031, and investments in AI and automation, Community Fibre also expects to sustain its margins.
Olaf Swantee, Community Fibre chairman, said, “Our 2024 results and strong outlook confirm that Community Fibre is on the right track. Our strategy delivers best-in-class products, pricing and service at the lowest unitary cost. As such, we have established the business as a trustworthy, innovative provider and a reliable investment proposition.”