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(Alliance News) - Bigblu Broadband PLC on Monday announced a narrowed annual loss amid higher revenue with the positive momentum expected to carry through in its new financial year.
Bigblu shares surged 12% to 56.50 pence each in London on Monday morning.
The Bicester, Oxfordshire-based rural broadband services provider posted a pretax loss of GBP1.7 million in 12 months to November 30, narrowed from GBP4.6 million.
Revenue increased to GBP12.2 million from GBP10.8 million.
Bigblu said: "Having repaid bank debt in full and established a net cash positive position, the group is continuing to generate positive underlying operating cashflows from its continuing operations.
Bigblu did not pay a dividend, unchanged from the year prior.
During the current year to date, Bigblu said it has continued to show year-on-year growth while benefiting from strong recurring revenues.
Chief Executive Andrew Walwyn said: "Our Australasian operations are demonstrating robust year on year performance...Our Nordics business still has a number of headwinds to overcome including the cyber event on one of our Satellite network providers into the Nordic region which is impacting [around] 3,000 customers but with the new Management team in Norway we remain positive for the region. We believe we will continue to deliver group year on year growth."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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