Bigblu Broadband saw its share price increase 13.6% to 57.5p in early morning trading on Monday after the company reported a £0.5 million rise in EBITDA and the introduction of a new B class of shares for existing shareholders worth 45p in 2021.
Bigblu Broadband sold off a selection of assets and paid off its outstanding debt.
The broadband group reported its UK and European Satellite operations as sold to Eutelstat S.A. in 2020, followed by the sale of its QCL Holding Limited stake and its holding company for Quickline Communications Limited to investment firm Northleaf Capital Partners in 2021.
The company announced that its results were above market expectations, with an expectation for growth in 2022.
Bigblu Broadband reported a revenue of £27.1 million compared to £23.4 million in 2020.
The group announced an adjusted EBITDA of £4.6 million against £4.1 million in 2020, alongside a reported profit of £27 million.
Bigblu Broadband’s net cash amounted to £5.2 million after the company paid off its complete debt.
The group’s adjusted operating cash inflow amounted to £5.2 million with adjusted free cash inflow of £2.1m due to capital investments of £2.2 million.
Bigblu Broadband introduced a class of B Shares, which it exchanged for cash and delivered a 45p per B Share to existing shareholders.
The company reported strong customer growth in Australia, alongside its regional expansion into New Zealand through a secured Partnership Agreement with Kacific.
Bigblu Broadband further noted a recent distribution agreement with Telenor to provide ultrafast broadband with wireless 5G in Norway for 2022.