By Claire Cartmill

Copyright newsletter

Northern Ireland’s leading Full Fibre broadband provider Fibrus has announced a strong financial performance surpassing growth forecasts and marking a major milestone by becoming EBITDA positive for the first time. In audited results for the year ending March 2025, Fibrus posted a 67% increase in annual revenue, rising to £29.5 million. This growth was driven by surging demand for fast, reliable broadband, particularly across underserved areas in Northern Ireland and Cumbria. Customer numbers rose by 45% year-on-year, reaching 113,500 homes and businesses—representing 28% of connectable premises. The company also saw average revenue per user rise by 8% to £25.89, as more customers moved beyond introductory offers. EBITDA improved by £13 million compared to the previous year, with the company becoming EBITDA positive as of March 2025—a major signal that its business model is delivering sustained profitability. Capital expenditure decreased by 25% to £115 million, largely due to the completion of its full fibre rollout in Northern Ireland. This reduction was partially offset by increased investment in Cumbria, where the company is rapidly expanding its network. During the year, Fibrus added 70,000 new connectable premises, bringing its total footprint to 407,000 by the end of March. That number has since grown to over 440,000. Subsidy support remained flat at £55.8 million; however, backing for Fibrus’ Project Gigabit initiative in Cumbria expanded in line with its growing footprint. The company secured £20 million in fresh equity from investors, raised £61 million in senior debt, and agreed an additional £100 million debt facility to fully fund the next phase of its UK-wide expansion. Group managing director and chief financial officer Colin Hutchinson hailed the performance as a turning point for the business: “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.” The year also saw the company restructure internally into three separate divisions—Build, Operation, and Consumer-Facing ISP—to position itself for further growth. This followed the successful conclusion of the company’s government-funded Project Stratum, which brought full fibre connectivity to rural communities across Northern Ireland. Meanwhile, Fibrus also completed the second milestone under its Gigabit programme in Cumbria. The initiative has since received a £50 million funding extension, enabling the connection of a further 21,000 underserved premises. “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,” Colin added.