The price of shares in AIM-listed telecoms firm Bigblu Broadband (LON:BBB) has fallen by 4.57% to 94p (as of 14:45 BST) after reporting 15.4% drop in revenues for the half year ended 31st May due to customer rationalisation at the end of last year and the impact of COVID. Adjusted EBITDA for the six month period was down 39.2%.
CEO Andrew Walwyn commented: “Like many businesses, so far 2020 has been a very eventful year for the Company. The focus during the period was very much on putting the Company on an even stronger footing to execute our strategy while increasing value for shareholders. The period started with the Company refinancing its debt facilities with the funding designed to supplement our increasingly cash generative business model. While the onset of COVID-19 presented us with a number of challenges, trading during the period highlighted the resilience of our operations and scope for continued organic growth.
It is also very important to mention the first half of this year has seen the COVID-19 pandemic unfold creating an unprecedented impact on our way of life and at the very core of our economy and business. BBB were no exception with virtually the entire workforce working remotely and careful planning to ensure we could still meet the demands and needs of our customers whilst protecting our employees and representatives. We also worked tirelessly with our partners, resellers and suppliers to support our customers during the continuing COVID-19. However, as previously announced, our results in the period were also impacted by widely fluctuating foreign exchange rates, and we also saw some slippage in new satellite capacity coming on-line from suppliers due to COVID-19 and experienced some installation delays, which has led to an increase in in-flight sales (the period between a new contract being signed and the installation being completed) at the period end“.