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(Alliance News) - Broadband service provider Bigblu Broadband PLC on Thursday reported improvement in revenue growth, customer additions, average revenue per user and earnings.
During the year, the company launched a partnership with Eurobroadband Infrastructure (EBI) with the aim of rolling out super-fast broadband with broadband speeds of up to 50 Mbps to customers across Europe. Bigblu have forecast a further increase in these broadband speeds next year as it plans to launch new satellites.
The company also reported that it "rationalised approximately 13,000 customers who were utilising non-competitive networks." While this had an unfavourable impact on customer numbers in the short term, there was a strong underlying organic growth in satellite broadband customers under the EBI partnership throughout the year.
Net debt was higher than the company's expectations at approximately GBP14.2 million compared to GBP16.9 million at the end of the half year. BigBlu attributes this to costs associated with the Viasat agreement which saw the company increase investment in stock during the second half of the financial year to support further growth through the EBI partnership via the one-off transition of customers from Viasat.
The company expects the net debt position to reduce considerably in the short term.
Shares in the Bicester-based company were down 5.9% at 103.00 pence on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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