HYPEROPTIC LTD

• ⚠

  Material uncertainty over going concern

  In the event that this anticipated committed funding is not available, the Director believes that by taking prompt action to reduce the level of capital investment and other actions, the business could continue to trade for a sufficient time to identify and secure alternative sources of funding. However, if for any reason such action could not be fully executed, the Company may see an impact on its working capital position or its ability to meet short term obligations as they arise. Therefore, given the Company's reliance on further unsecured funding to continue the roll out of its planned investment programme, these conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the Company to continue as a going concern, and therefore that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

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

• Turnover

  +21.7%

  £93,406,000 → £113,643,000

• Cash

  -12.3%

  £13,313,000 → £11,675,000

• Net assets

  +20.6%

  -£391,315,000 → -£310,593,000

• Employees

  -11.3%

  1,943 → 1,724

• Operating profit

  -17.6%

  -£63,116,000 → -£74,242,000

• Profit before tax

  -1.5%

  -£142,152,000 → -£144,315,000

• Wages

  -7.3%

  £84,990,000 → £78,810,000

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

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.

1. HYPEROPTIC LTD 2011-04-06 → present
2. BCUBE LIMITED 2010-04-13 → 2011-04-06

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“In the event that this anticipated committed funding is not available, the Director believes that by taking prompt action to reduce the level of capital investment and other actions, the business could continue to trade for a sufficient time to identify and secure alternative sources of funding. However, if for any reason such action could not be fully executed, the Company may see an impact on its working capital position or its ability to meet short term obligations as they arise. Therefore, given the Company's reliance on further unsecured funding to continue the roll out of its planned investment programme, these conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the Company to continue as a going concern, and therefore that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “In December 2023, Facility B was amended to enable, subject to commitments, a total borrowing capacity of £1,250 million. To date, the Company has increased the committed debt under Facility B to £1,205.9 million.”
• “As of the date of this report the total amount drawn under the facilities was £1,038.2m. This excludes amounts owing to group undertakings that were exchanged for share capital during 2024 (2023: £46.2m were owed to group undertakings).”
• “In June 2023, Hyperoptic announced that it had entered into a partnership with SOS Children's Villages in Serbia as well as a four-year patronship with The King's Trust in the UK to further contribute to society and make a meaningful impact in the communities where Hyperoptic employees work.”
• “Subsequent to the reporting period, the Company has made a total of £74.8 million of withdrawals under the debt facility; (£18.7 million in January 2025, £16.7 million in February 2025, £27.6M million through March, April and May 2025, £5M in June 2025 and a further £6.8M in July 2025).”
• “In January 2025, the Company increased its commitments under the debt facility by £50 million. As a result, the total committed debt facility, including the revolving credit facility of £35 million, reached £1,240.9 million.”
• “As at the date of approval of the financial statements, the Company has secured commitments of £1,240.9 million out of its amended facility size of £1,285 million including the committed revolver facility (£35 million).”
• “The Company's shareholders have continued to demonstrate their commitment through additional funding being provided throughout 2024 with an additional equity of £55 million (£35 million issued in May 2024 and £20 million in August 2024). A further £71.6 million of equity, net of fees, was issued during October 2024 to the group undertaking as part of a £150 million commitment (the remainder of which will be drawn in 2025), with a further £20 million committed by the Group's main shareholder, taking the total cash injection into the company of £146.6 million for the year. The company then further capitalised some of its group borrowings during December 2024 to the value of £78.1 million, giving an overall equity injection of £224.7 million in the year.”
• “On 14 October 2024, the company's existing loan from Thunderbird Topco Ltd of £51.9m (including accrued interest of £6.6m) (2023: £1m), with a fixed interest rate of 15% was novated to JHW Bidco Limited, through a series of group assignment and contribution agreements. On 31 December 2024, JHW Bidco Limited, subscribed for shares with an aggregate nominal value of £51.9m in exchange for extinguishment of this loan balance (see note 15).”
• “On 14 October 2024, the intercompany balance of £26.2m with Thunderbird Bidco Limited was novated to JHW Bidco Limited, through a series of group assignment and contribution agreements. On 31 December 2024 JHW Bidco Limited, subscribed for shares with an aggregate nominal value of £26.2m in exchange for extinguishment of this intercompany balance (see note 15).”

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

Filings

7

last 12 months

Capital events

8

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

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