Matt Hancock@MattHanock • Mar 13

We’re investing in Britain’s full fibre future. Great to see the Chancellor announcing £95m for the first wave of our Full Fibre Challenge Fund today #SpringStatement gov.uk/government/new...

Philip Hammond@PhilipHammondUK • Feb 21

Great to see @CityFibre and @VodafoneUK partnership pressing ahead with gold standard full fibre #broadband networks in Aberdeen — following strong government backing for #digital infrastructure.

Amsterdam

Frankfurt

LondonKingston

Cardiff

CoventryWolverhampton

Birmingham

HalifaxHuddersfield

Manchester

Preston

HarrogateBradford

ReadingPortsmouthSouthamptonBournemouthBath

WakefieldDoncasterRotherhamSheffield

Dundee

GlasgowAyr

NottinghamPeterboroughLeicesterNorthamptonCambridge

SouthendSloughMaidenheadBracknell

Derby

SwindonNewport

Bristol

Weston-S’-MareExeter

Plymouth

NewcastleYorkLeedsHull

Edinburgh

Aberdeen

Stirling

Milton Keynes

Telford

Coventry

ReadingPortsmouthSouthamptonBournemouthBath

WakefieldDoncasterRotherhamSheffield

Dundee

GlasgowAyr

NottinghamPeterboroughLeicesterNorthamptonCambridge

SouthendSloughMaidenheadBracknell

Derby

HarrogateBradford

Halifax

Huddersfield

SwindonNewport

Bristol

Weston-S’-MareExeter

Plymouth

NewcastleYorkLeedsHull

Edinburgh

Aberdeen

Stirling

Milton Keynes

Manchester

CONSUMER: OPEN ACCESS TO ALL ISPsBUSINESS: ENTANET & 1500 CPsPUBLIC SECTOR: INFILL & SMART CITY ESTATEMOBILE: MACRO & SMALL CELLSINTERNET OF THINGS

REVENUE STREAMS

DENSE FTTP NETWORKSMETRO SPINE NETWORKS

FTTP MACHINEMETRO NETWORK PIPELINE

42 METRO DUCTED NETWORKS

DESIGNED FOR EXTENSION TO FTTPALREADY COMMERCIALISED

CITY ENGAGEMENT & MARKETINGPLANNING AUTOMATIONCONSTRUCTION MANAGEMENT

FTTP EXPANSION

Year to 31 December 2017 2017 2016 YoY

Turnover 34.8 15.4 126%

Cost of Sales (14.7) (1.8) nm

Gross Profit 20.1 13.5 49%

Gross Margin 58% 88% -34%

Adj. Admin Expenses (15.6) (11.0) 42%

EBITDA 4.5 2.5 80%

D & A (5.9) (3.9) 50%

Exceptionals & share based payments (6.3) (3.7) 44%

Net Finance cost (8.7) (7.3) 19%

Share of JV post tax losses (0.2) (0.1) 56%

Loss before tax (16.6) (12.6) 24%

Loss per share (£) (0.04) (0.05) 20%

Balance sheet extract at 31 December 2017 2016

Fixed Assets 178.1 155.1

Goodwill 17.7 0.0

Trade and other receivables 20.1 8.1

Cash and short-term deposits 157.0 16.7

Total assets 384.4 185.6

Loans and borrowings 61.5 55.3

Total equity 287.7 108.5

Network capex (excl. acquisitions) 25.1 23.0

Operating cash outflow (0.3) (2.4)