Fibre slowdown hits Comex 2000 profits despite £98m turnover

Telecommunications infrastructure firm Comex 2000 (UK) Limited saw profits slump by more than 90% in 2025 as turbulence in the UK fibre market hit project activity.

Accounts for the year to 31 March 2025 show turnover fell 12.1% from £111.7m to £98.2m, while after-tax profit dropped from £2.2m to £156,246.

The company said the fibre sector had shifted from an “investment-heavy build phase” into consolidation, with high levels of network overbuild and funding pressures leading to cancelled projects and restructuring activity across the market.

Operating profit fell from £2.6m to close to break-even, while employee numbers reduced from 1,132 to 1,066.

Despite the downturn, the business said it had secured long-term contracts with an existing customer and was expanding into new areas of the UK.

Cash outflows from operations totalled £5m during the year, with capital expenditure of £800,000. The group ended the period with cash reserves of £7.2m and net assets of £22.1m.

Directors said the business remained well placed to manage inflationary pressures, fuel costs and wider industry risks, adding that forecasts showed the group would continue as a going concern.