CityFibre seeks fresh funding despite revenue growth

CityFibre has begun preparation for a financing exercise to grow its debt facilities according to its financial statements for the year ended 31st December 2023.

During the period, the company’s revenues grew from £31m to 99.7m, spurred by 163,000 new customer additions, but it reported a total loss of £419.3m.

CityFibre cites a particularly capital-intensive phase of its plan as a reason for these losses and during the year reorganised to bring organisational efficiencies and restructured around a rationalised supply chain.

The infrastructure provider still aims to pass eight million premises through organic growth and acquisition. By year ending December 2023, its network passed 3.6 million premises, growing by around one million a year and its consumer customers were over 337,000.

The forward-looking statement read: “In 2024, we expect CityFibre to continue to gather momentum, stretching further ahead of our altnet competitors in terms of our network reach, take-up and revenues.” Fibre Provider