What is the story about?
What's Happening?
Hyperoptic, a UK-based alternative network provider, has reported a 20% increase in gross profit for 2024, reaching £87 million ($117 million). The company's revenue rose by 22% to £114 million ($153 million), and its customer base expanded by 20% to 374,000 subscribers. Hyperoptic invested £173 million ($232 million) in its full-fiber infrastructure, focusing on new-build homes. The company also received a £150 million ($192 million) investment from the UK Infrastructure Bank to support its expansion efforts.
Why It's Important?
Hyperoptic's financial growth and infrastructure investments highlight the increasing demand for high-speed internet services, particularly in new residential developments. The company's expansion efforts are crucial in addressing the growing need for reliable internet connectivity, which is essential for remote work, education, and entertainment. This trend reflects a broader shift towards digital infrastructure development, which is vital for economic growth and technological advancement.
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