Bigblu Broadband PLC on Monday said its annual loss widened despite revenue increasing as costs increased, while it said it remained confident in its future growth prospects.

Bigblu is a London-based provider of alternative superfast and ultrafast broadband solutions throughout Australasia and the Nordics.

Pretax loss for 2022 widened to £1.8 million from £1.7 million in 2021, despite revenue increasing 15% to £31.2 million from £27.1 million.

This was because costs of sales largely kept pace with rising revenue, increasing 21% to £18.1 million from £14.9 million, while administrative expenses rose 70% to £7.3 million from £4.3 million, more than offsetting distribution expenses falling 12% to £7.5 million from £8.7 million.

As a result, Bigblu did not declare a dividend payment, unchanged from 2021.

‘We are very pleased with the overall performance of the group. We started the year with a couple of setbacks, especially in our Nordic business, but we have continued to focus on customer service and providing our customers with attractive packages,’ said Chief Executive Officer Andrew Walwyn.

‘Our Australian business has complemented its organic growth opportunity with two acquisitions and we will continue to target suitable bolt-on opportunities.’

Looking ahead, Bigblu said it believes it has valuable assets which have established ‘important strategic positions’ in their respective territories. As a result, it believes that it is well-positioned to ensure it can continue to focus on maximising and delivering enhanced shareholder value.

‘The board remains focused on maximising value and returns for shareholders. The combination of strong underlying operating cashflows, favorable market dynamics and opportunities available to our business units provides a strong backdrop for delivering enhanced shareholder value,’ Walwyn added.

Shares in Bigblu were down 4.7% to 60.55 pence each in London on Monday morning.

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