LONDON, Feb 11 (Reuters) - British fibre broadband

company CityFibre reported its first full year of profit in 2024

as connected customers on its network passed 500,000, a total

that is set to jump this year when major provider Sky joins its

platform.

The company, backed by Antin Infrastructure Partners and

Goldman Sachs ( GS ), on Tuesday reported adjusted core earnings of 5

million pounds ($6.18 million) for the year compared with a loss

of 55 million pounds in 2023.

Revenue increased by 34% to 134 million pounds, driven by a

73% rise in consumer revenue as it added 181,000 net new

customers, taking its total to 518,000.

Chief Executive Greg Mesch said 2024 had been a "definitive

year" for the company, which competes with national provider BT

Openreach and Virgin Media.

"We achieved our first full year of profitability, signed a

new strategic partnership with Sky, which doubled our retail

sales capacity, and solidified our position as the UK's leading

independent wholesale network," he said.

He said CityFibre had perfected its processes to serve more

than 40 internet service providers across its network, which

stretches to 4.3 million premises.

"We could operate a 6, 8, 10, 12 million footprint with

roughly the same amount of people," he said in an interview,

referring to staffing levels.

CityFibre, which is aiming to expand its 100% wholesale

network to more than 8 million premises, will add another 1

million this year.

It has shifted its strategy from mainly funding and building

its own network to include more participation in government

contracts to build in rural areas and the acquisition of

smaller providers such as Lit Fibre, which it bought in May.

Mesch said CityFibre was working on further consolidation

opportunities. "We have a full funnel of M&A that we could do

this year," he said.

($1 = 0.8097 pounds)