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LONDON (Alliance News) - Bigblu Broadband PLC on Monday said it saw double-digit revenue growth in its most recently ended financial year, helped by two acquisitions.
The broadband services provider said its revenue grew by 26% to GBP55.4 million in the year to the end of November 2018 compared to GBP43.9 million reported a year earlier. Like-for-like revenue advanced by 8.2%.
The revenue growth was boosted by the increase in total customers of 13% to 113,000 during its most recent financial year.
In May last year, Bigblu acquired Open Sky and Sat Internet for a total of GBP10 million. These acquisitions contributed 21,000 new customers and are performing in-line with expectations, the company said.
Bigblu's pretax loss for the year totalled GBP15.2 million, widened compared to the prior year's GBP10.1 million, due to a sharp rise in distribution and administrative expenses to GBP21.4 million from GBP12.8 million.
"The current trading period has started positively, with the company adding more than 3,000 net new customers organically during the first three months of the current year, which is ahead of the organic growth achieved for the year to the end of November 2018," said Chief Executive Andrew Walwyn.
"Given the above, the company remains confident of growing its customer base to 150,000 by 2020, which given the largely fixed operating cost structure of the business, is expected to deliver significant earnings growth and shareholder value over the remainder of the current financial year and beyond," added Walwyn.
Bigblu shares were trading 2.2% higher on Monday at 116.00 pence each.
