Broadband and communications provider KCOM has outlined plans to further invest in its network after reporting growth in its latest financial results.
The group’s retail arm supplies about 150,000 consumers and businesses in Hull, East Yorkshire and North Lincolnshire. Its wholesale business unit provides voice, data and network services to the retail operation, as well as to other communications providers in the areas covered by its regional full fibre network.
Recently filed accounts for KCOM Group Ltd show revenue from continuing operations of £100.7m for the year ending 31 March 2022, up from £99.6m in 2020/21.
EBITDA from continuing operations grew to £39.2m from £31.5m the previous year. Pre-tax losses reduced to £253,000 from £10.5m.
During 2021/22, KCOM completed the sale of its national ICT business to Nasstar. The deal is set to enable the company to focus on its core strategy as a regional broadband provider.
In September 2022, KCOM announced plans to invest £100m in broadband infrastructure across Hull, East Yorkshire and Lincolnshire.
The investment includes £62m to expand its network to more than 50,000 more homes and businesses in 14 initial towns and villages across the region; and £10m to upgrade 14,000 properties in East Yorkshire currently without full fibre.
It also includes £17m to replace the ageing copper phone lines in Hull with a new fibre network and a £10m long-term upgrade of the existing fibre network.
Tim Shaw, KCOM chief executive, said: “We’re delighted that we continue to grow and attract thousands of more customers as we expand our award-winning full fibre network across Yorkshire and Lincolnshire.
“In the past year we’ve set out our vision to create a full fibre future, investing a further £100m in expanding, upgrading and making sure our network is fit to face future demands as well as being accessible for everyone. A major part of this will be replacing our legacy copper phone network with a fibre one which, as well as bringing huge environmental benefits, will ensure everyone is able to access online services as we move increasingly towards a digital first society.”
Tim Shaw became chief executive during 2022, stepping up from his previous role as managing director of the group’s Wholesale and Networks (W&N) division. He joined the business in 2019.
Johan Dennelind was also appointed as chairman during the year.
KCOM was acquired in a £627m deal by Macquarie Infrastructure and Assets in August 2019, following which it de-listed from the London Stock Exchange.