Bigblu losses widen on increased distribution and administrative expenses

Bigblu Broadband saw losses widen in the first half of its trading year, but told investors that there was still ample room to take advantage of global growth opportunities following the launch of its new super-fast satellite broadband services.

Operating losses widened 56.6% to £4.7m for the six months ended 31 May; however, revenue increased 21% to £25.1m as Bigblu's total number of customers increased 37% to roughly 123,000, while the firm's average revenue per user increased 1.3% to £41.3.

Bigblu attributed the loss to an 18% increase to £6.6m in distribution and administrative expenses related to acquisitions made last year.

EBITDA expanded 37% to £2.8m

Andrew Walwyn, Bigblu's chief executive, said: "The company looks forward to the remainder of the current financial year as the improved systems, largely fixed cost structure, deep relationships and global footprint underpin continued revenue growth and profit expectations for the 12 months to 30 November 2018."

Bigblu cut its net debt by 28.7% to £9.4m.

As of 1115 BST, Bigblu shares had climbed 8.64% to 116.25p.