Northern Ireland company and Full Fibre broadband provider Fibrus today announced it has now over 50,000 customers on its network.
The figure covers the Fibrus network in Northern Ireland and Northern England and comes as it continues to invest heavily in building its brand presence in these regions.
The company has also released its network coverage data to the end of August confirming it has passed 300,000 homes of which 273,000 are ready for service.
The penetration rate of customers per ready-for-service premises now stands at 19%, compared to 15% when it last updated the market in March 2023.
To fund this continued growth, the company this week received an additional £35m tranche of equity funding from its shareholder Infracapital bringing its total investment in Fibrus to £150m. Fibrus’ network roll out is also financed by its existing £220 million loan facility and in excess of £300m in government funding.
Colin Hutchinson, Fibrus Chief Financial Officer & Chief Revenue Officer, said that growth in customer numbers has been driven by growing confidence and increasing momentum in the Fibrus brand:
“Connecting 50,000 customers is an important milestone in our mission to bring Full Fibre broadband to homes and businesses to rural and regional areas of the UK. It shows the momentum we are building in the market, having tripled our customer base in just one year. Our journey has become synonymous with bringing Full Fibre broadband to every corner of Northern Ireland, and our growth is accelerating as we continue our rollout and build our brand in northern England.”
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Hutchinson continued: “We recently launched a new Total Home Wi-Fi product, teaming up with eero, an Amazon company, to guarantee customers coverage in every room of the house. A new brand campaign features the Total Home Wi-Fi guarantee as one of three pillars of our value proposition, along with guaranteed speeds and our promise to never raise prices mid-contract.”
Teamed with increasing brand awareness, innovative broadband packages and Fibrus’ cutting-edge technology, the company’s impressive growth can also be attributed to the high speed of network delivery. Earlier this year, the first homes in the UK’s first regional Project Gigabit procurement in Cumbria were connected in Aspatria with customer penetration exceeding 20% within one month of launch.
Fibrus has also confirmed that it is planning to raise further equity and debt to fund its #R21M (road to one million) plan which also includes more Project Gigabit contracts.
Source: Written from press release
