BigBlu Broadband reiterates full-year guidance

Broadband provider BigBlu Broadband reiterated expectations for full-year revenues and underlying earnings on Thursday following another positive year with continued growth.

BigBlue said trading for the year was in line with management's expectations - with continued improvement in key performance indicators, including customer additions, revenue growth, average revenues per user and margins on an earnings before interest, taxes, depreciation and amortisation basis.

The AIM-listed group secured new funding to accelerate the growth of its Quickline product during the year ended 30 November as it extended the roll-out of super-fast broadband across the likes of Spain, the Nordics and Portugal.

As a result, net debt over the course of the year was higher than expectations at roughly £14.2m.

BigBlu also rationalised approximately 13,000 customers who were utilising non-competitive networks during the period - impacting customer numbers in the short term.

Chief executive Andrew Walwyn said: "Importantly, we are now generating high levels of recurring revenue as we move towards profitability and continue to be a market leader in a rapidly growing sector with strong markers for increases in demand and spend from existing and new customers.

"Given our proven model, the strong market dynamics and technology advances, we believe that Bigblu represents a favourable customer choice against traditional alternative solutions and remains extremely well placed to take advantage of growth opportunities in the sector in 2020 and beyond, and therefore we are confident with market expectations for revenue and EBITDA.

As of 0955 GMT, BigBlu shares were down 3.88% at 105.25p.