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Bigblu Broadband PLC - Provider of alternative superfast and ultrafast broadband solutions throughout Australasia and the Nordics - Says that its fully-owned Australian business, SkyMesh PTY Ltd, has bought the satellite operations of Harbour ISP PTY Ltd. The total cash consideration was AUD4.72 million, or GBP2.7 million. This included a retention of AUD200,000, to be paid March 2023 post reconciliation of customer numbers.
BigBlu says the directors believe that the acquired operations will generate annualised revenues of around GBP2.5 million, and earnings before interest, tax, depreciation and amortisation of GBP700,000 with positive cash generation.
Chief Executive Officer Andrew Walwyn says: "We continue to believe that the profitability of operations being acquired should improve under BBB's ownership given the group's operational gearing and economies of scale. The board remains focused on creating significant shareholder value through the rapid scaling of BBB's Australasian operations. In addition, the board is continuing to explore all options to realise value for BBB shareholders from SkyMesh, including a potential ASX listing of SkyMesh."
Current stock price: 45.00 pence, up 5.9% in London on Thursday
12 month change: down 35%
By Holly Beveridge; Alliance News reporter
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