Hull telecoms firm KCom hails solid results despite seeing profits fall

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Telecoms firm KCom directors say the company has delivered solid results, despite seeing operating profits halve in a tough trading year.

The Hull based telecommunications and broadband provider – which marks its 120th anniversary this year – has posted accounts for the year ended March 2024, in which revenue was £101.9m, slightly up on the £100.9m recorded in the 2022/23 financial year. Operating profits at KCom, which was launched when Hull’s local authority established its own telephone network, dropped from £13.6m to £7.2m, but Ebitda increased to £42.4m from £39.9m.

CEO Tim Shaw hailed a strong performance in the year, which came a year after it changed hands to place it under the ownership of Australian infrastructure giant Macquarie, and sold off its national IT interests.

He said: “The past year has been one of focussing on our key strengths as a leading regional broadband provider and ensuring the business has the right foundations in place to deliver success in the future. In particular, we took steps to bring our wholesale and business functions together under a strengthened leadership team, expanded prudently as a responsible investor and worked hard to deliver the best possible customer experience.

“The group continues to deliver sustainable growth despite a backdrop of economic uncertainty, high inflation and rising costs during the past 12 months. We have recorded another solid year of results driven by an encouraging uptake of full fibre broadband services within our traditional heartland areas as well as winning new customers in our expansion areas.

“The group marks its 120th anniversary in 2024 and we remain at the heart of the communities we serve. We’re passionate about supporting local people, groups and businesses and have a considerable presence within Hull, East Yorkshire and North Lincolnshire, delivering community support, grants and donations every year. We look to continue upgrading our network across the region to future proof full fibre, providing sector leading products, services and connectivity for our customers.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Hull telecoms firm KCom hails solid results despite seeing profits fall

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Consumer confidence falls again amid despondent mood ahead of October Budget

More than 127000 young people start smoking tobacco regularly each year

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