Financial Results 2024/25 – Fibrus Speeds Ahead of Growth Forecasts

Northern Ireland’s leading Full Fibre broadband provider today released its audited accounts for the year ending March 2025, with results showing a surging consumer demand for better broadband deals and reliable connection.

Fibrus, entering its fifth year of operations, has driven rapid customer growth with annual revenue rocketing by 67% year on year to £29.5m and customer numbers increasing by 45% to 113K across its Northern Ireland and Cumbrian footprint.

The numbers behind the momentum

• Customer numbers leapt 45% year on year to 113,500, representing take up of 28% of connectable homes.
• Average Revenue Per User (ARPU) was up 8% to £25.89, as more customers moved from introductory discounts.
• EBITDA Improved by £13m year on year and Fibrus became EBITDA positive from March 2025 – proving the model is working.
• Capital spend dropped 25% to £115m as the company completed its Northern Ireland build, offset by expansion in Cumbria.
• Subsidies were flat at £55.8m, but support for Fibrus’ Project Gigabit programme increased as network footprint grew.
• Fibrus secured £20m fresh equity from investors, raised £61m in senior debt, and agreed an extra £100m debt facility extension to fully fund nationwide build programme.

Speaking of the milestone, Colin Hutchinson, our Group MD and Chief Financial Officer said:

“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.”

2025 has been a pivotal year for the broadband group, which earlier this year completed an internal reorganisation of its business into separate Build, Operation and Consumer Facing ISP divisions to facilitate even further growth in the months and years ahead.

The business, which has successfully just signed off on its three-year flagship Government-funded Project Stratum has also reached a major milestone in this time – moving into positive EBITDA  earlier than expected.

The subsidised Project Stratum build programme is followed by the successful completion of the Group’s second milestone under its Gigabit programme in Cumbria which also received an £50m extension to cover an additional 21,000 underserved premises. The total number of connectable premises grew by 70K, totalling 407K at year end, which has risen to over 440K today.

Colin continued:

“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.”