Cogeco brought fibre internet to 23,000 homes in Canada and the U.S. over Q4

Cogeco details a “solid” performance in Canada in its Q4 financial results, while its business south of the border continues to face challenges.

In Q4, 2023, Cogeco brought fibre access to 23,000 homes in Canada and the U.S. In the last year, the company has increased this figure by nearly 124,000 homes, or 3.4 percent.

On the Canadian side, this figure includes its subsidized network expansion in Québec, which connected 180 municipalities with high-speed internet services. In total, Cogeco added 14,000 internet customers in Canada over the fourth quarter.

“Our Canadian telecommunications business performed solidly again this quarter, as we delivered strong internet customer additions across each of our traditional, expansion and Oxio footprints,” Philippe Jetté, Cogeco’s CEO, said in a press release.

The company pulled in $743 million in revenue, a 2.5 increase year-over-year.

Revenue from telecom services in Canada increased by 4 percent due to a myriad of factors, including the growing number of customers accessing internet services. Cogeco’s acquisition of internet service provider (ISP) Oxio in March also played a role.

“Though only a half year has passed since we acquired Oxio, we have been pleased with its performance to date,” Jetté said.

Cogeco’s revenue decrease in telecom services in the U.S. offset the figure. While a decreased internet customer base was the main factor, the decline in customers using video and phone services also played a role.

During a conference call discussing the results, Jetté confirmed the company’s plans as a Mobile Virtual Network Operator (MVNO) are continuing, but any rollout won’t be immediate.

“If we are successful in MVNO negotiation, we don’t anticipate a material rollout of our Canadian and MVNO operations in the short term as we have some preparation work remaining to complete.”

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