CityFibre upbeat on Peterborough CORE project

Fibre optic infrastructure CityFibre Infrastructure said the number of businesses signed up to the Peterborough CORE project has doubled over the last 12 months.

The London-listed company said 126 local businesses have entered into network service contracts with CityFibre's service provider partners, double from the level achieved at the end of last year.

The figure represents a 3.2% share of the total addressable business market, and a 12.6% conversion rate from the base of businesses which took part in the pre-registration campaign mounted by CityFibre during network construction, the group said.

The company added the total contract value (TCV) associated with the contracts is £1.7m, which representing a 43% increase in cumulative TCV on the network asset since the initial public sector contract was agreed.

"The continued strong uptake experienced in the first half of the year is testament to the impact of both our pre-registration campaign and our strong relationships with local service providers," said group chief executive Greg Mesch.

CityFibre shares were down 0.49% to 61.20p at 0958 BST on Friday.