Broadband Altnet Fibrus Publish Audited UK Accounts and Pre-Tax Loss of £57.6m

Infracapital-backed ISP Fibrus, which has been rolling out a full fibre broadband network across N.Ireland and Cumbria (England), has published their audited accounts for the year to March 2025. The results reveal that their network now covers 440k premises (up from 410k on 2nd May 2025) and EBITDA improved by £13m year-on-year, but they also made a pre-tax loss of £57.6m.

The vast majority of this network coverage has been delivered via the operator’s own commercial investment, although they also recently completed their state aid funded deployment to reach 81,000 addition premises in poorly served rural parts of Northern Ireland (Project Stratum) and have an active contract for Cumbria (see below).

Otherwise, the latest company results represent somewhat of an update and refinement on the preview they gave back in June 2025 (here), which also saw Fibrus announce that they had reached the “breakeven” point on EBITDA (i.e. earnings before interest, taxes, depreciation, and amortisation). But quite a few of the details still remain broadly the same or similar to that report.

The main focus of Fibrus’ remaining broadband network build is now on Cumbria, where they’ve already covered 100,000 premises (August 2025) and are aiming to reach 140,000 “by the end of the financial year” (i.e. March 2026). So far, their Project Gigabit contract in this county has accounted for about 12,500 premises of that total (May 2025) and rising.

Key Results from Fibrus (End of March 2025)

➤ Annual revenue rose by 67% year on year to £29.5m

➤ Customer numbers leapt 45% year on year to 113,500, representing take up of 28% of connectable homes [aiming to hit 30% by the end of the year].

➤ Average Revenue Per User (ARPU) was up 8% year on year to £25.89, as more customers moved from introductory discounts.

➤ EBITDA Improved by £13m year on year and Fibrus became EBITDA positive from March 2025.

➤ Capital spend dropped 25% to £115m as the company completed its Northern Ireland build, offset by expansion in Cumbria.

➤ Subsidies were flat at £55.8m, but support for Fibrus’ Project Gigabit programme increased as network footprint grew.

➤ Fibrus secured £20m fresh equity from investors, raised £61m in senior debt, and agreed an extra £100m debt facility extension to fully fund nationwide build programme.

At the time of writing the full company accounts still don’t seem to be available online, thus we only have Fibrus’ own somewhat sanitised summary to go off, although other outlets have reported that they also made a pre-tax loss of £57.6m for the year.

The network operator is now understood to be targeting 150,000 customers for the near future (possibly by the end of this financial year), with talk of reaching the 180k to 190k mark in 2027 – by this point they’ll also have about 500,000 premises passed with FTTP.

Colin Hutchinson, Group MD and Chief Financial Officer, said:

“We’re building more than a network – we’re building a movement. This year’s performance proves that people are ready for something better: faster broadband, fairer prices, and a provider that actually delivers. Hitting positive EBITDA in March shows our model is strong, and our customers are right behind us.

Northern Ireland is now fully connected, Cumbria is charging ahead, and with our funding secured, we’re ready to keep pushing into new areas and drive forward our ambitious growth strategy.”

Customers of the service currently pay from £19.99 per month for an unlimited 159Mbps (34Mbps upload) package with an included router and free installation, which rises to just £34.99 per month for their top 982Mbps (310Mbps upload) tier on a 24-month contract term. Service discounts may vary between different parts of their build.