Alternative network operator Netomnia (inc. Brsk and YouFibre) has today announced that they’ve successfully expanded their 10Gbps capable Fibre-to-the-Premises (FTTP) broadband ISP network to cover 2.08 million UK homes and businesses (RFS) on time (up from 1.82m on 30th Sept 2024). Customers have also grown to 238,000 (up from 190k).
The altnet is now focusing on reaching their next target on time too, which was set last year during the Brsk merger (here) and aims to expand their full fibre network to cover 3 million premises by the end of 2025 (inc. 1 million customers by 2028). The service is currently available across parts of over 90 UK cities and towns.
Netomnia has also today published a quick summary of their latest Q4 2024 results, which we’ve summarised below. The eagle eyed will note how the operator can now lay claim to being the “UK’s 2nd largest alternative network provider” after CityFibre, which is a position that nexfibre was laying claim to only a week or so ago after also passing the 2 million premises mark (here) – both have a similar pace of build and may continue to trade places during 2025.
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Key Figures from Netomnia’s Q4 2024 Results
➤ Revenue: £38.6m (321% YoY increase)
➤ Premises Serviceable: 2.08m (up 1.27m this year, 255k in the quarter)
➤ Premises Connected: 238k (171k added in 2024, 48K in the quarter)
➤ Take-up Rate: 11.5% (up 38% YoY)
➤ Adjusted EBITDA (£29.6m), down by 13% YoY
➤ Net Debt of £531m (up 223% YoY) – debt drawn to date including accrued interest less cash
Jeremy Chelot, CEO of the Netomnia Group, said:
“Reaching 2 million premises serviceable marks a defining moment for our Group, firmly establishing us as the UK’s 2nd largest alternative network provider. The integration of Netomnia, YouFibre, and brsk is nearing completion, creating the only scaled and capital-efficient retail and wholesale platform in the market.
With our proven execution capabilities, we’re confidently progressing toward our next milestone of 3 million premises serviceable by the end of 2025.”
Separately, back in October 2024 we reported that Netomnia were aiming to start going live with services based off ADTRAN’s cutting edge 50G PON kit by the end of 2024, which would begin with a special package offering symmetric speeds of 40Gbps (here). But we’ve since been informed that the operator is still awaiting hardware from ADTRAN, so we may have to wait a little longer for the first live services to be ready.
In fairness, ADTRAN have previously mentioned that they’ve had some challenges on the hardware supply side, which isn’t too surprising as this is their first kit using a new Broadcom chipset and brand-new box. Suffice to say that the supply and development of cutting-edge kit often needs a bit longer in the oven before it’s ready for the wild at scale.
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No announcement about this on the Netomnia website yet? I assume they’ve not published the story and will do so at some point this morning, plus their rollout page is still out of date, so hopefully thats going to get updated at the same time…
The details are available on their website in the press release.
@Fara82Light: At the time I posted my comment, the press release had not been posted. Unfortunately you can’t register an account on the main website and subsequently, you cannot edit or delete comments after they are posted. About 20 minutes after I posted, the press release was made.
However they still haven’t updated their rollout plans for 2025, which is what I’m more interested in. The press release is nice, but I just want to know if Netomnia plan to roll out to my area or not.
A fantastic achievement. Hats off to Jeremy and his team!
Congrats to Jeremy and team. Still waiting in CT16 3A, but hopefully you will finish here when BT done their stuff.
Just watch out for Vermin Media, I am sure they are wanting to take you out of the picture – they almost succeeded with Cityfibre previously….please don’t succumb….
And managed to do it at a reasonable cost. The debt works out to £255 per premises which compares favourably to other altnets which are into 4 figures and gives them a decent chance of becoming sustainably profitable.
Anonymous – they’ve started building again up in Whitfield so don’t give up just yet 🙂
Dislike the fact you have to provide contact details to even check availability. I know you could just provide garbage, but seriously?
Use BIDB 😉
The financials do not look so good. Revenues are up by a substantial amount but so too is the level of debt.
Compared to many altnets the financials don’t look too bad at all.
11% take up rate is still utterly abymsal, but yeah lets blow smoke up the ISPR altnet darlings.
Because of the relatively low cost of their build they don’t need to achieve a massive take up to break even. Jeremy Chelot reckons they only need 13% to break even, so they are not that far off.
If you think this is good news then you’re delusional!
EBITFDA is down and Net debt is up. How does this make for a viable business?
Their net debt works out at £255 per premises passed, If you think that’s bad try looking at the £1000 plus that CityFibre have per premises, plus they have a relatively high build rate amongst the altnets.
The F in EBITDA is on purpose!
@bigdave your logic doesn’t make sense. You’re basically implying all their build has come from debt? Which it hasn’t you. You must add equity too!
Not all CityFibre’s build has come from debt, they had £2.4bn of equity as well but their debt still equates to more £1000 per premises as well.
Amazing achievement congratulations to everyone involved love my service from them