ZZOOMM GROUP LIMITED

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group is dependent upon continued additional external funding to build the network, to connect customers and to fund on-going operational costs, capital investment and loan interest. After the cessation of the construction of the network the Group will still remain dependant on capital for some time until the number of customers connected to the network has increased to a point where the resulting revenue will cover all the operating, capex and financing costs. Current capital is in the form of Debt and Equity investment. In September 2020 Oaktree entered into a subscription agreement for £100m. At 31st December 2024, the Group has drawn down £100m of this £100m facility (2023: £94m) comprised of preference shares and shareholder loans. As at the date of signing the accounts Oaktree had provided a further £29.1m of additional funding bringing the total to £129.1m. In September 2021 the Group entered into a debt facility with a syndicate of three banks ING, Hamburg Commercial Bank and Kommunalkredit providing access to up to £100m. At 31st December 2024, the Group has drawn down all of this £100m facility (2023: £100m). The debt facility is due to be repaid in September 2027. The adoption of the going concern assumption in the preparation of these financial statements relies on the Company and its Board of Directors being comfortable that it has sufficient access to capital to allow it to continue to trade for the foreseeable future. For the purposes of these Financial Statements the foreseeable future is defined as being a period at least 12 months from the date of signing these financial statements. In March 2025 Zzoomm announced a merger with Iris Infra Limited group of companies, creating a new parent company, Altnet Partners Holdco Limited, which is owned by Oaktree Capital Management and Basalt Infrastructure Partners. Zzoomm is considering other strategic options to accelerate shareholder returns as an enlarged group, and enter into an appropriate long term debt structure. Although it is possible that the Company may secure further capital from a new funder this is sufficiently uncertain at present to allow the Board to rely on this as a source of funding. Accordingly, the Company is entirely dependent on the provision of additional funding by Oaktree and Basalt. Oaktree and Basalt have provided non-binding written confirmation of their intention to provide continued financial support to the Group for the foreseeable future. The directors have reasonable belief that the required support will be provided, on the basis that Oaktree have historically provided the required financing in line with board approved business plans. Additionally, Oaktree and Basalt have sufficient oversight of the group as a result of representatives on the board of directors of Zzoomm Group Ltd. At the time of approving the financial statements, the directors have a reasonable expectation that the Group has access to adequate resources to continue in operational existence for the foreseeable future, defined as a minimum period of at least 12 months from the date of approval of these financial statements and as a result the directors continue to adopt the going concern basis of accounting in preparing the financial statements.”

Group structure

1. ZZOOMM GROUP LIMITED · parent
   1. Zzoomm Plc 1% · UK · Network infrastructure and ISP

Significant events

• “In January 2025 Zzoomm announced a merger with the Iris Infra Limited group of companies... completed in March 2025 following regulatory approval.”
• “The combined Group has over 600,000 properties Ready For Service as well as 70,000 customers...”
• “construction of the network wound down in Q2 2024.”
• “In March 2025 Zzoomm announced a merger with Full Fibre Limited, the combined Group has over 600,000 properties ready for service as well as 70,000 customers.”
• “As a result of the merger, the repayment date of the £100m bank loan was extended one year to September 2027.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

4

last 24 months

Officers appointed

2

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +120.3%

  £3,597,000 → £7,925,000

• Cash

  +18%

  £2,908,000 → £3,431,000

• Net assets

  -37.1%

  -£48,205,000 → -£66,090,000

• Employees

  -51.4%

  457 → 222

• Operating profit

  -0.4%

  -£20,972,000 → -£21,057,000

• Profit before tax

  +29.6%

  -£22,873,000 → -£16,093,000

• Wages

  -44.1%

  £21,703,000 → £12,124,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers