Netomnia’s Annual Fibre Broadband Build Rate Tops 1 Million UK Premises
Broadband network operator Netomnia (inc. Brsk and YouFibre) will today post their latest Q3 2024 results, which among other things reveals that the annual build rate for their new 8Gbps speed full fibre (FTTP) network has exceeded 1 million premises (total 1.82m, up 258k in quarter) and customer take-up hit 10.4% to total 190,000 (up 9% or 40k in quarter).
The combined networks of Netomnia and Brsk currently harbour a short-term target of growing their Fibre-to-the-Premises (FTTP) broadband coverage to reach 2 million UK premises (homes and businesses) and 235,000 customers by the end of 2024, rising to 3 million premises by 2025 (inc. 1 million customers by 2028). This will make then one of the country’s largest national broadband networks.
According to a preview of the results, which has been seen by ISPreview, Netomnia will also report revenue (QTD) of £12.3m (up 317% year-on-year), adjusted EBITDA (QTD) of -£8.9m (up 13% year-on-year) – excluding exceptional items – and capital efficiency of £406 (up 2% improved quarter-on-quarter). The capital efficiency figure reflects cash consumed to date divided by number of premises serviceable.
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Jeremy Chelot, CEO of the Netomnia Group, said:
“August 2024’s landmark merger of Netomnia, YouFibre, and brsk has supercharged our growth. With integration in full swing and PXC’s H1 2025 arrival on the horizon, we’re confidently advancing toward our year-end targets: 2m premises serviceable and 235k premises connected.”
The full results have yet to be published and as such we don’t yet know any of their other key figures, such as in terms of losses, employee count and so forth. But we’ll come back to check that later this morning.
Mark is a professional technology writer, IT consultant and computer engineer from Dorset (England), he also founded ISPreview in 1999 and enjoys analysing the latest telecoms and broadband developments. Find me on X (Twitter), Mastodon, Facebook, BlueSky, Threads.net and Linkedin.
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£406 per premises sounds a lot more realistic than some of 4 figures spent by some other networks.
As an example Zzoomm’s network (195k @ 31.03.2024) has a book value of £138m (built and WIP build @ 31.12.2023).
Using Netomnia’s £406 as “fair market value) the network is more likey worth in the region of £79m. Maybe an unrealised write-down of £59m!
The £406 will presumably be high as it will include a chunk of costs that wouldn’t be booked to network build. We’ll see when the full report is out.
It would be interesting to see a comparison across all altnets…Mark?
I work for one of the big isp’s mobile phone side of things and although I can get broadband for free via employee deals I love youfibre only had a maybe one or two issues in the year and a bit I have been with them (was with virgin media prior who were shockingly overpriced and riddled with issues… And no that’s not who I work for) but both issues were fixed in minutes once speaking to there tech guys
Price is fair speed is good
As long as Monsieur Chelot is still giving BT a kick up the jacksy, then I’m happy. Just needs to do a couple of billboard adverts to encourage more take-up, in prominent areas, to highlight where to check your address and speeds same up and down so average Joe knows else they’ll just go to known brands all the time…..
They have billboards in prominent, high traffic areas in this city. The billboards I’ve seen don’t mention upload speed being the same as download and can’t recall seeing any billboards for any altnet using space on that for obvious reasons.
a couple of billboard adverts should do the trick
£8.9m adjusted EBITDA loss is nothing to be proud of. Jeez …calm down everyone.
A business in growth phase trying to reach economies of scale and investing heavily for growth in terms of capital and operationally to get there.
Ignoring the bits related to network build capital expenditure can’t really grow the business without installers, can’t continue gaining customers without the infrastructure to support current and near-future customers else service is poor while you ramp it up and they churn. Marketing is even more vital when increasing the size of the market you’re addressing. Aggressively trying to grow customer numbers will result in more promotions and accepting lower margins.
All standard for early stage, high growth businesses.
28 months. That’s how long it’s been since Netomnia fibred my street. It’s still not available. They also say it’s live on their website I don’t know how a company can operate like this to be quite honest