Trooli revenue rose to £11.82m in 2025 as losses widened

Trooli increased annual revenue to £11.82m in the year to the end of 2025, up from £9.28m in 2024, but the full fibre broadband operator also reported sharply higher losses as it continued investing in network expansion and wholesale activity.

Accounts filed at Companies House show the operator made a loss after taxation of £23.28m, compared with £717,000 a year earlier. Trooli said the result partly reflected the continuing build-out of its network and the onboarding of new retail ISPs.

The company’s operating loss was £11.78m, against £10.92m in 2024. At the same time, gross profit rose by 32% to £7.16m, up from £5.42m.

Trooli’s latest results also show fixed assets of £136.1m, compared with £115m the previous year, while net assets fell to £2.19m from £25.48m.

The operator’s average monthly number of employees, including directors, slipped to 211, down from 220 in 2024.

Build expansion and wholesale push

Trooli has built a full fibre to the premises network covering 480,000 premises across parts of England and some of Scotland.

Its footprint includes towns and larger semi-rural villages in Berkshire, Buckinghamshire, Cambridgeshire, Dorset, East Sussex, Hampshire, Kent, Norfolk, Suffolk, West Sussex and Wiltshire. In Scotland, the network also reaches parts of North Lanarkshire, South Lanarkshire and Fife, areas previously associated with Axione UK’s network.

The 2025 accounts state that the business continued to expand its FTTP network across the south of England during the year. Trooli also signed a wholesale agreement with PlatformX Communications (PXC) and began to trade commercially after the year end.

According to the results, the number of homes passed was delivered in line with the company’s business plan, while sales activity remained steady, supporting customer growth and an increase in total connections.

Trooli is backed by investment from Agnar UK Infrastructure.

Separate network and retail structures

The business has now been split into two entities as it looks to address the wholesale market more directly.

Under that structure, Trooli serves as the network owner and operator, while Hermod Retail acts as the ISP.

That separation comes as more altnets look to balance the cost of network construction with the need to grow take-up, wholesale revenues and retail scale.

Trooli’s accounts suggest that pressure on earnings is still significant, even with turnover moving higher and gross profit improving. The rise in post-tax losses was far steeper than the increase in operating losses, while the drop in net assets points to the financial strain involved in continuing the rollout.

Revenue growth, but losses remain substantial

The headline revenue growth of 27% shows that Trooli is bringing in more income from its network, but the latest figures also underline the challenge of turning that growth into profitability.

Annual turnover rose by £2.54m year on year, yet the company still recorded a post-tax loss of more than £23m. The operating result was less severe than the after-tax figure, but still moved further into the red.

At the same time, the increase in fixed assets to £136.1m reflects the scale of investment tied up in the network. Trooli said the losses were expected as part of the budgeted cost of network expansion and bringing ISPs onto the platform.

The company’s filings do not suggest a pause in build activity. Instead, they point to continued delivery against plan, a broader wholesale strategy and ongoing efforts to convert passed premises into active customers.

For Trooli, 2025 was a year of higher revenues, continued network expansion and a much heavier financial loss. The figures show a business still in build and growth mode, with stronger income but costs and balance sheet pressure that remain substantial.