A new economic impact report claims that Fibrus has contributed £431m to the Northern Ireland economy since beginning operations in 2020, thanks to a government-backed initiative.
Commissioned by Fibrus and produced by economists at Grant Thornton, the report comes as the company approaches the final stages of its Project Stratum, the £197m initiative aimed at closing the digital divide in rural areas.
It evaluates the economic and social impact of Fibrus’ operations across Northern Ireland, showing the altnet has connected 410,000 homes and businesses through its network expansion.
This report is on the back of a strong year for the company, marked by a 143% surge in customers, a 50% rise in annual revenue.
It reveals that Fibrus has directly contributed £74m through its operations, created 435 jobs, invested £271 million via its supply chain, with a further £86m driven by indirect local spending by employees – injecting money back into regional economies through everyday purchases at supermarkets, cafés, petrol stations, restaurants, and retail outlets.
Project Stratum has delivered connectivity to almost 80,000 previously underserved premises, with full completion expect in June.
When the project is complete, the report reveals potential productivity gains of £50.6m per annum driven by the rollout of full fibre broadband.
Dominic Kearns, CEO and founder of Fibrus said: “When we founded Fibrus five years ago, our sole purpose was to bring communities, homes and businesses a broadband service fit for every day demands.
“Thanks to Project Stratum, we have successfully delivered Full Fibre connectivity to almost 80,000 properties that had been left in the digital dark by the incumbent.”
