25th Jun 2019 14:32
(Alliance News) - Bigblu Broadband PLC on Tuesday said it expects to record strong growth in half-year adjusted earnings and revenue and remains confident of meeting market expectations for the full year.
Shares in the company were trading 2.3% higher at 112.00 pence each in afternoon trade.
The broadband services provider expects revenue for the six months to May 31 to total GBP30.5 million, up from GBP25.1 million in the comparative year ago period. Underlying earnings before interest, taxes, depreciation and amortisation is forecast to rise 54% to GBP4.3 million from GBP2.8 million.
First half like-for-like revenue growth stood at 12% versus 8.2%. Gross margins expanded to 43.7% from 37.4% due to improved product mix and network support.
Bigblu said total customers increased 7% in the first half and organic growth in customer numbers is expected to continue into the second half with new and existing customers adopting new products with faster broadband speeds and unlimited download limits.
"I am delighted to report another strong set of results across all of our financial and operating key performance metrics with a strong contribution from acquisitions completed to date, further proving our buy and build strategy. Importantly, the trading period was underpinned by our compelling product portfolio, improving retention rates and increased data demands from both existing and new customers," said Chief Executive Andrew Walwyn.
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