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LONDON (Alliance News) - CityFibre Infrastructure Holdings PLC on Monday posted a widened loss for 2014 due to costs related to its listing on AIM last January, and said it has started 2015 well.
The fibre optic infrastructure company posted a pretax loss of GBP7.1 million, widened from GBP6.3 million a year before, as a rise in revenue to GBP3.8 million from GBP1.9 million was offset by a near doubling of administrative expenses as a result of its listing on AIM.
CityFibre attributed its revenue growth to a better-than-expected number of project wins during the year, as demand grew for its fibre networks.
The company entered into a joint venture with TalkTalk Telecoms Group PLC and Sky PLC during the year, presently working to roll-out a fibre-to-the-premises network in York. Last November the company also signed a deal to supply fibre-to-the-tower networks for EE Ltd, Hutchison 3G UK Ltd and their joint venture Mobile Broadband Network Ltd.
Earlier today the Financial Times reported that CityFibre had raised concerns about BT Group PLC's acquisition of EE in response to call for comments from the Competition and Markets Authority. According to The Financial Times, CityFibre claimed that buying EE could be harmful to competition, citing concerns over the future of its deal to supply fibre connections to EE.
"This robust demand for next generation infrastructure reflects the compelling need for a fit-for-purpose, local access broadband network capable of delivering gigabit capability to towns and cities where internet and mobile traffic is growing at more than 20% per annum," said CityFibre Chief Executive Officer Greg Mesch in a statement.
"We have started 2015 well, with GBP6 million in new contracts added so far in the first quarter. The business is strongly capitalised and remains well-positioned to deliver further growth and gain ongoing market traction in 2015," Mesch added.
Shares in CityFibre are trading down 0.7% at 67.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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