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AIM-listed telecoms provider Bigblu Broadband (LON:BBB) upped revenues by 25% to £55 million for the year ended 30th November as well as posting improved profit margins and cash flow.
CEO Andrew Walwyn commented: “We are especially pleased with the strong financial performance in 2018 despite our satellite partner’s delays to the roll out of products in association with the Eutelsat/Viasat JV that was announced in December 2017. The growth achieved during the period was underpinned by continued customer sign up and improving ARPUs as existing customers upgraded their tariffs.
“In addition, the acquisitions we have completed over the past three years are now making a meaningful contribution to the bottom line as the benefits of being part of a larger group is reflected in their individual financial performances. Completing such a positive year, in which there has been significant operational change, whilst establishing our global hubs, is a real testament to the high quality of the BBB team and represents a significant milestone for the Company.
“We are well placed to take advantage of the considerable growth opportunity in countries that we are already live in where we are working alongside Viasat Europe to drive growth. Looking ahead we will be able to further grow our geographic reach and benefit from continued growth through existing and new agreements, as evidenced by the partnership with Eurobroadband Infrastructure which commenced earlier this month. As such, we now have a similar business model to that conceived in the original JV with customers able to subscribe to 50 Mbps satellite broadband service with ‘unlimited’ tariffs for a comparable price with fixed line services for the first time.
“I believe that the market for superfast broadband solutions, such as ours, will remain extremely buoyant over the foreseeable future as consumers continue to demand faster and more dynamic broadband services wherever they are located. With this positive market backdrop and our new network partners across Europe, BBB will focus on delivering double-digit profitable growth in 2019.”
The price of Bigblu shares rose by 5.71% to 100.95p (as of 12:15 GMT).