Broadband Altnet Hyperoptic Hunt Fresh UK Funding as Gross Profit Hits £87m

City-focused broadband ISP Hyperoptic, which claims to have deployed their full fibre (FTTP/B) network to cover 1.9 million UK premises, is reportedly seeking more funding to keep their network expansion going. But their latest accounts to the end of 2024 show they also generated maiden adjusted earnings of £2.7m in 2024 (vs a loss of £4.7m in 2023) and gross profit rose 20% to £87m.

The operator, which is currently home to 400,000 active subscribers (9th Jun 2025) and at the start of 2025 suffered another round of redundancies (here), is currently going through a strategic shift that has seen their own network build switch to focus more on commercialisation. On top of that, they’re also working toward reaching the rest of the UK by harnessing Openreach’s growing national FTTP network – here (due to start becoming available from early 2026).

The big news today is that the provider will this week release their audited results for the year ended 31st December 2024 and, as part of that, they’ve today published their own somewhat sanitised preview (i.e. the accounts aren’t yet available via Companies House and those will inevitably contain a lot more detail).

The results reveal that Hyperoptic invested £173m into its full fibre infrastructure during the year (expected to fall further next year due to commercialisation), enabling further geographic expansion and supporting future growth. But the official announcement doesn’t mention that the operator’s statutory pre-tax losses for the year stood at £144m, although this is only ever so slightly above the £142m they reported for 2023.

Hyperoptic’s Results Highlights

➤ Revenue increased by 22% to £114 million

➤ Customer base grew by 20% to 374,000 subscribers

➤ Network reach expanded to 1.9 million homes passed

➤ Gross profit rose 20% to £87 million

➤ EBITDAi increased significantly to £24 million

➤ Secured additional funding commitments to support ongoing investment in geographic expansion and growth

➤ Achieved a Trustpilot rating of “Excellent”, with over 28,000 five-star reviews in 2024

➤ Named Which? Great Value Provider in March 2024

Social and environmental responsibility

➤ Over 37% of the senior leadership team consisting of women

➤ Providing affordable social tariffs and free broadband to community hubs

➤ Reducing CO₂ emissions intensity per subscriber by 23%

➤ Expanding partnerships with councils, social housing providers, and digital inclusion charities

In addition to today’s results, Hyperoptic also announced the appointment of Sam Horrocks as Chief Financial Officer (CFO). With more than 25 years’ experience in senior finance roles at Virgin Media, Vodafone, Inmarsat and most recently as deputy CFO at Travelport, Sam strengthens Hyperoptic’s leadership team as the company scales its operations and continues to expand across the UK.

Dana Tobak CBE, CEO and co-founder, said:

“We’re proud of the momentum we built in 2024. These results demonstrate our unwavering commitment to delivering brilliant broadband, exceptional customer experience, and long-term infrastructure for the UK. Our trajectory remains strong and consistent, and we are on track to reach our goal of passing over two million homes and businesses with full fibre connectivity.

2024 was a year of delivery and acceleration, fully in line with our business plan. We continue to see sustained, profitable growth, particularly within the new-build sector where we have agreements in place to bring Hyperoptic to over 223,000 new-build premises. Maintaining post-live penetration above 50% after one year highlights our strong position as one of the UK’s leading full fibre providers for new builds. This is a long-term mission, and we are building a business that will serve the UK for decades.”

However, the operator’s full accounts are still expected to express that a “material uncertainty” remains over Hyperoptic’s ability to continue without securing additional funding, although such statements are fairly common for altnets; most of them tend to carry a lot of debt after completion of their main network build phases.

The company has already drawn about £1.04bn of their £1.19bn committed debt and is said to be in talks with its lenders over accessing the full facility of £1.25bn this year. Efforts are currently being made to raise further debt and or equity funding to help deliver on their fibre roll-out to new-build premises, which will hopefully bear some fruit in 2026 (they last secured £150m from the UKIB to boost their debt facility in July 2024).