StockMarketWire.com - Bigblu Broadband reported a wider annual loss for fiscal 2018 as a 'significant' rise in expenses offset a 26% jump in revenue.

For the year ended 30 November 2018, the company reported a statutory operating loss before taxation of £13m, compared with a loss of £8.0m loss a year earlier. Total revenue increased by £11.5m or 26.1% to £55.4m.

The wider loss comes as the company reported significant expenses of £5.3 relating to fundraising, M&A activity and redundancy costs.

Average revenue per user increased in 2018 to approximately £42 per month from £41 a year earlier as 'we began to offer better packages with increased revenue from services, installations and grant income,' the company said.

Churn rates, excluding disposed fibre customers, increased to an average of 21.6% per annum from 16.8% in 2017.

'The company looks forward to the remainder of the current financial year with a clear focus on accelerating organic revenue growth and continuing to leverage its increased scale from the recent acquisitions while also benefiting from improved management systems to ensure the Company can continue to deliver shareholder value,' Bigblu said.

At 9:21am: [LON:BBB] BigBlu Broadband PLC share price was +2.5p at 116p



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