CityFibre, the high-speed broadband network, is expected to confirm its status as the biggest rival to BT Openreach tomorrow following a year of “insatiable” growth. The Aim-listed company, which owns and operates fibre-optic networks in urban areas, should reveal that sales have doubled to £6.4m when its annual results are published on Monday. CityFibre, which delivers speeds of up to 1Gbps to homes and offices, pits itself as the “national alternative to BT” and has been expanding its network at break-neck speed. The firm, which is backed by venture capitalist Jon Moulton, bought £90m worth of assets from technology business Kcom, adding 21 new cities to its network including Bristol, Milton Keynes and Leeds. The deal was followed by a £3.24m contract win with Southend in Essex to construct 50km of fibre-optic cables, bringing its network to 37 cities. The City is expecting annual sales to increase from £3.8m in 2014 to £6.4m in 2015. However, the company - which posted a pre-tax loss of £7.1m in 2014 - is expected to report slightly lower losses of £4.4m for the year just gone. CityFibre aims to turn urban areas into “gigabit cities” by laying down cables that take fibre all the way to the home, unlike BT’s much bigger network. Chief executive Greg Mesch said his company’s growth was “almost insatiable.”
CityFibre, which claims to be the "national alternative to BT’s Openreach" is expected to double its sales to £6.4m after "insatiable" growth, which saw 37 new cities added to its network, taking the total 21 cities. An analyst at Liberum confirmed that its new assets made the company a "credible national alternative and an attractive partner for major enterprise customers."