UK Broadband records GBP37.5m net loss in 2014

14 Oct 2015

Alternative British wireless broadband provider UK Broadband – which offers services under the ‘Relish’ brand name – reported a loss of GBP37.5 million (USD61.8 million) in the twelve months ended 31 December 2014, according to The Register. Turnover for the fiscal year, meanwhile, totalled GBP1.5 million, down from GBP2.0 million in the previous year.

On the back of these results UK Broadband, which is a wholly owned subsidiary of Hong Kong-based PCCW, has suggested that its current business plan may need to be revised. Its existing strategy relies on two key factors, the company noted in its latest financial filing with Companies House, saying: ‘The first of these is the level of demand and the prices that can be achieved for the company’s proposed new services. Secondly, the availability on suitable terms of the funding required to roll out the company’s planned network.’ As such, UK Broadband added that should it fail to secure the necessary funds for the deployment of its LTE-based broadband infrastructure, and should take-up of its services remain low, then its licences and tangible assets may be impaired.

United Kingdom, UK Broadband (Three Broadband, formerly Relish)