The company has now established more than 400,000 customer connections.
It is now regularly installing more than 1,000 new customers a day, deploying more than 330 field service teams with a right first time installation rate currently above 95 per cent.
The company also delivered a positive EBITDA performance for the full three months ended 31 March 2024, ahead of its target to breakeven in the first half of the year. Quarterly revenues have also increased by more than 30 per cent year-on-year.
In January, CityFibre was awarded five new contracts under the government's Project Gigabit scheme, bringing its total to nine contracts, worth almost £800 million in subsidies. Its extensive participation in Project Gigabit has led to a reprofiling of CityFibre’s build, densifying the rural areas close to its existing urban assets. These contracts underpin rollout to more than 1.3m subsidised and commercial premises.
In March, CityFibre also announced its acquisition of Lit Fibre, further accelerating its nationwide full fibre rollout by up to 300,000 premises. The acquisition of Lit is the first of several deals CityFibre expects to close over the next two years and reflects its decision to pursue altnet acquisitions as a strategic growth driver towards and potentially beyond its 8 million premises target.
CityFibre's rollout is on track with more than 3.6 million premises now passed, of which more than 3.3 million are ready for service (RFS). The company remains on track to deliver 1 million RFS premises in 2024 through its ongoing build programme and M&A pipeline. Alongside its work in progress, Lit Fibre integration and expansion, Project Gigabit subsidised and underpinned commercial rollouts, CityFibre has a clear path to more than 6 million premises.
Greg Mesch, chief executive officer at CityFibre, said, "2024 has got off to a flying start for CityFibre. We've achieved profitability ahead of schedule, increased revenues by more than 30 per cent, reached over 400,000 customers, secured almost £400 million in new Project Gigabit contracts and acquired Lit Fibre.
"With a clear path to 6 million premises we are making great headway towards, and potentially beyond, our 8 million target. Over this entire footprint, we will offer our partners the best product, service and economics of any scaled wholesale platform in the UK."
Steve Holliday, non-executive chairman at CityFibre, said, "Achieving EBITDA profitability marks an important milestone for CityFibre. The UK market needs a third infrastructure platform of scale to ensure competition matures and that it continues to deliver for consumers and the country. As a profitable business, with supportive investors and enthusiastic ISP partners, it’s clear that CityFibre is the core of that third platform."