Plusnet hits £370m turnover mark following surge in new customers

Internet service provider Plusnet has reported a significant rise in revenues after seeing its customer base grow by 22%.

For the year ending 31 March, the Sheffield-headquartered company saw an 18% increase in turnover to £369.7m, which is up from £312.8m the year before.

Growth was also seen in Plusnet’s gross profit, which rose to £174.3m from the £148.1m achieved im 2017.

Due to the boost in its customer base during this period, Plusnet has expanded its workforce by 17%. The company said that this is to “ensure Plusnet’s infrastructure, products and strategy continue to to evolve.”

Pre-tax profit at Plusnet, however, fell £50.1m (2017: £60.7m) and the tax on the profit was £9.9m. As a result, profit for this financial year was down to £40.2m (2017: £47.9m).

During the year, Plusnet said its focus was on the low cost dual play broadband and phone market. The company has continued to primarily sell ‘Totally Unlimited’ broadband to new business and residential customers.

Fibre optic broadband has also been a growing space for the company over the last twelve months as 46% of its customers now have a fibre product.