KCom saw revenues return back over the £100 million mark as a record year of customer additions pushed turnover on.
The Hull-headquartered broadband specialist had sold its national ICT operation to focus on its regional role early in the period, to March 31, 2022.
It had seen continuing operations drop from £262.8 million to £99.6 million in the previous year, following the £31.4 million deal with Nasstar. Now, with £3.2 million of sales added as thousands more addresses were reached as part of a huge expansion, further growth is being pursued as the traditional network ditches copper and goes full fibre in a £17 million investment. Losses were also slashed from £10.5 million to £300,000 on sales of £100.7 million.
Read more: KCom chief outlines £17m copper to fibre switch looming for phone customers
Chair Johan Dennelind said: “Following a very busy period of change involving the sale of KCom’s national business, and the various challenges overcome as a result of the global pandemic, I am very appreciative of my colleagues’ efforts across the entire business. Their dedication, combined with the strategy we have set out and the investment we have secured to deliver it, give me great confidence in KCom’s future success. The board and executive leadership team is firmly focused on achieving growth and driving forward the transformation of KCom as a regional infrastructure business.
“Our key aims for the year ahead include the continued expansion of our fibre network, the transformation of KCom as a fibre company with a focus on the closure of the copper network and the continued digitisation of our sales and support channels to further enhance customer experience.”
KCom now has 149,100 customers, up from 147,000, with 8,100 new fibre broadband additions in the period.
Mr Dennelind described the translation of the national business segment as a “major milestone” involving a “considerable amount of effort across the company and our advisors”. “The sale has allowed us to focus on our core strategy as a regional provider of full fibre broadband to wholesale and retail markets, he said.
Most Read
In the strategic report accompanying the results, Mr Dennelind added: "With a strengthened leadership team in place we have made substantial headway in implementing our strategic priorities, including expanding KCom’s full fibre network beyond our traditional footprint of Hull, East Yorkshire and the surrounding areas. By year-end the network had passed 28,000 additional homes in more than 20 new towns and villages, providing greater customer choice in previously under-served markets and job creation in these areas. I am pleased to share that the network build remains on schedule.
“In preparation for taking full advantage of our network investment we have continued to build our wholesale capabilities, developing new products and introducing new systems that improve customer experience and allow us to scale up marketing and sales activities. We also achieved progress in our existing retail market, acquiring a record number of new customers during the year. This was accompanied by significant copper-to-fibre migration, highlighting the demand for reliable and fast broadband with an increased emphasis on increased working learning and leisure activities at home.”
Updating on the progress, chief executive Tim Shaw said the network now reaches 277,000 properties, putting KCom among the top five providers of fibre to the premises in the 海角视频.
A total of 30 engineering roles were added, taking it close to 800 staff, with a further 1,100 km of fibre cable laid.
“This progress, combined with the sale of our national business, is creating a more stable and certain future for KCom with more opportunities for our employees to develop,” Mr Shaw said. “As we emerge from the restriction of activities that has been necessary during the pandemic we are prepared and optimistic for the next phase of our development, fully focused on our growth as a regional provider of full fibre broadband.”
Read next:
ResQ's revenues ramp up in year of major Hull city centre expansion for contact centre specialist
Could a Hull sweet shop owner be Lord Sugar's pick of the mix as The Apprentice returns?
Top 10 best-read business stories of 2022 revealed
The Humber's headline-making deals that made 2022
All your Humber business news in one place - bookmark it now