Plusnet hits £370m turnover following surge in new customers

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

In accounts published on Companies House 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. Pre-tax profits at Plusnet, however, fell to £50.1m (2017: £60.7m). 

Due to the boost in its customer base during this period, Plusnet expanded its workforce by 17% and now employs 1,585 people. The company said that this was to “ensure Plusnet’s infrastructure, products and strategy continue to to evolve.”

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 12 months, as 46% of its customers now have a fibre product.  

Plusnet said: “Growing the fibre and mobile customer base is is core to the company’s future strategy and will enable Plusnet to offer quad-play bundles including TV and mobile.”