Bigblu makes 'demonstrable progress' in H1

Internet service provider Bigblu Broadband said on Monday that it had made "demonstrable progress" across all geographies and business units in the six months ended 31 May, leading to growth in both revenues and underlying earnings.

Bigblu stated total revenues had increased 13.8% to £14.9m in the half, while like-for-like revenues were up 15.1% at constant currency. As a result, adjusted EBITDA grew 1.4% to £2.0m.

The AIM-listed firm said growth in Australia remained strong, while it also said there has been "encouraging early progress" in New Zealand. In the Nordics, Bigblu's focus was on the introduction of new products following the completion of its upgrade programme in the previous financial year.

Bigblu said it was "well positioned" for the second half of the year, with adjusted operating cash inflows flat at £1.3m, adjusted free cash inflows up 33.3% at £400,000, and net cash improving from £4.1m to £4.5m.

Chief executive Andrew Walwyn said: "We are pleased with the continued progress shown by the group in the period, and the efforts we have made to improve our offering in the Nordic region provides us with optimism that this region can return to growth. In addition, our Australian business continues to perform strongly.

"Overall, the company continues to trade in line with expectations and, with extensive experience in the sector and a proven track record of building attractive businesses to deliver shareholder value, the Board remains confident in its ability to ensure it can continue to deliver attractive returns for shareholders from its operations in Australasia and the Nordics."

As of 0820 BST, Bigblu shares were up 3.85% at 54.0p.

Reporting by Iain Gilbert at Sharecast.com