Plusnet has axed more than 100 positions as both sales and profits tumbled during its most recent financial year, new filings have disclosed.
The Sheffield-based broadband provider, owned by BT, recorded turnover of £342.4m for the 12 months ending 31 March, 2025, representing a decline from the previous year's £401.8m, as reported by .
Plusnet attributed the revenue drop primarily to shuttering its mobile operations and reduced equipment sales.
Fresh accounts lodged with Companies House reveal the company's pre-tax profit contracted from £82.2m to £70.9m.
Staff numbers decreased during the period from 1,077 to 944, "driven by the strategic refocus and the necessity to streamline operations", whilst the customer base contracted by nine per cent.
The firm distributed an £80m dividend to parent company BT for the year, matching the previous 12-month period.
Last month, owner BT reported a 10 per cent decline in profit before tax alongside a three per cent fall in adjusted revenue, whilst maintaining it remains 'on track' to meet full-year targets.
In quarterly results for the three months to 30 June, the FTSE 100 group told investors its reported profit before tax dropped 10 per cent to £468m, "primarily due to an increase in net finance costs and depreciation and amortisation."
Operationally, its consumer customer numbers expanded during the quarter, with the broadband customer base rising by 11,000 and postpaid mobile subscribers increasing by 41,000.
Plusnet rival TalkTalk also cuts jobs
The Plusnet figures emerge following City AM's earlier revelation this month regarding the full scale of TalkTalk's financial difficulties, characterised by soaring losses and substantial redundancies as subscribers migrate to rival broadband suppliers.
Documents lodged with Companies House for the Salford-based company revealed pre-tax losses escalated from £153m to £465m in the year ending 28 February, 2025.
The filings also disclosed that TalkTalk shed approximately 420,000 broadband subscribers during the period.
The organisation attributed the decline primarily to the TalkTalk division (277,000), citing its decision to "refocus our acquisition strategy and deliberately retrench from unprofitable segments and customers."
The accounts further showed TalkTalk's turnover fell from £1.51bn to £1.41bn year-on-year, whilst staff numbers dropped from 2,065 to 1,570.
