Bigblu Broadband (BBB)

Sector:

IT Services

Index:

FTSE AIM All-Share

33.59p
   
  • Change Today:
      0.088p
  • 52 Week High: 45.00
  • 52 Week Low: 25.50
  • Currency: UK Pounds
  • Shares Issued: 58.72m
  • Volume: 5,340
  • Market Cap: £19.72m

Bigblu Broadband offloads 'non-core' Australian customer base for A$1.5m

By Duncan Ferris

Date: Monday 11 Jun 2018

LONDON (ShareCast) - (Sharecast News) - Bigblu Broadband on Monday sold customers and infrastructure from its non-core subsidiary SkyMesh for A$1.5m in cash to Australian connectivity services firm Superloop Ltd.
AIM traded alternative fast broadband services provider firm Bigblu Broadband said that the disposal relates to around 11,000 fibre customers serviced under the NBNCo broadband access network, with other SkyMesh satellite and fixed wireless broadband unaffected by the change.

Andrew Walwyn, chief executive of Bigblu, said: "Bigblu's focus is on serving customers outside the fibre footprint via a variety of alternative broadband offerings including satellite, fixed wireless, 4G and 5G and we feel that that the structure of the fibre broadband market under the NBNCo scheme does not suit our focused alternative broadband business model."

The decision to dispose of the customer base stems from the fact that fibre customers contributed minimal EBITDA to the group with a profit margin contribution significantly below Bigblu's average.

Bigblu said the proceeds from the sale will be used to fund exceptional and reorganisation costs in Australia as the business is "optimised" to generate higher returns.

The funds will also be used to settle a debt with HSBC or fund future accretive bolt-on acquisitions with core potential customer bases.

Bevan Slattery, chief executive of Superloop, said: "We are excited with this transaction and looking forward to migrating these clients onto the Superloop network later this year to deliver an exceptional user experience. Importantly we also look forward to continuing our long working relationship with Bigblu Broadband and Skymesh."

The firm inherited the customer base through its acquisition of SkyMesh's satellite and fixed wireless operations in 2016.

As of 1213 BST, Bigblu Broadband plc's shares were down 2.71% at 111.88p.

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BBB Market Data

Currency UK Pounds
Share Price 33.59p
Change Today 0.088p
% Change 0.26 %
52 Week High 45.00
52 Week Low 25.50
Volume 5,340
Shares Issued 58.72m
Market Cap £19.72m

BBB Star Ratings

Compare performance with the sector and the market.
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Key: vs Market vs Sector
Value
17% below the market average17% below the market average17% below the market average17% below the market average17% below the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Price Trend
4.77% below the market average4.77% below the market average4.77% below the market average4.77% below the market average4.77% below the market average
8.24% below the sector average8.24% below the sector average8.24% below the sector average8.24% below the sector average8.24% below the sector average
Income Not Available
Growth
25.14% above the market average25.14% above the market average25.14% above the market average25.14% above the market average25.14% above the market average
13.92% above the sector average13.92% above the sector average13.92% above the sector average13.92% above the sector average13.92% above the sector average

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