2nd Jun 2025 14:22
(Alliance News) - Bigblu Broadband PLC on Monday reported a wider pretax loss in financial 2024, after disposing of its Australian and Norwegian businesses.
Pretax loss in the year to November 30 widened to GBP3.1 million from GBP2.2 million in 2023. Adjusted earnings before interest, taxation, depreciation and amortisation was GBP2.1 million, down from GBP4.4 million the previous year.
Shares in the London-based internet network provider dropped 18% to 19.35 pence each on Monday afternoon in London.
Bigblu said annual revenue for continuing operations was GBP696,000, up from GBP668,000 on-year. However, once the calculation includes Australian business, total revenue dips to GBP22.9 million from GBP26.0 million the year prior.
Following the November 30 year-end, Bigblu sold its Australian subsidiary Skymesh to SKM Telecommunication Services Pty Ltd, which repaid SkyMesh's debt. Bigblu retains a 33.9% undiluted stake in SKM.
Back in 2021, Bigblu sold its majority holding in UK-based broadband provider Quickline Communications Ltd, though Bigblu retains a 2.8% stake in the company. In May 2024, Bigblu sold its Norwegian business "to prevent the potential need for further cash investment in the region".
The firm continues to operate in New Zealand where it distributes Starlink internet under the Brdy brand.
Bigblu's net debt at November 30 was GBP6.5 million, compared to net cash of GBP1.5 million on-year.
"The overall performance of the Group is in line with the Board's expectations for the period as we focused on realising value from the business operations. We are therefore pleased to have successfully completed the disposal of the Group's Norwegian Operations in the period and the Australian Operations shortly after the period end," commented Chief Executive Frank Waters.
"What is important is that with the Group now operating off a much-reduced cost base, we continue to support our investments in Quickline and Skymesh as appropriate to ensure we maximise the potential realisation of further value for our shareholders."
By Holly Munks, Alliance News reporter
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