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Bigblu Broadband PLC on Tuesday said its interim loss widened as a result of upped costs but reported a slight increase in revenue. The London-based provider of alternative superfast and ultrafast broadband solutions throughout Australasia and the Nordics said in the six months to May 31, pretax loss widened to £1.8 million from £183,000 a year prior, as a result of higher distribution and administration expenses of £6.0 million. This was in spite of fairly stable revenue, which edged up 0.7% to £15.0 million from £14.9 million the year before due to net customer growth. However, this figure was impacted by negative foreign exchange rates, the company explained. Looking ahead, Bigblu said it expects a positive second half and is ‘comfortable’ with full-year market expectations. Shares in Bigblu were up 9.2% at 44.75 pence each in London on Friday morning. Chief Executive Officer Andrew Walwyn said: ‘The overall performance of the group is in line with the board’s expectations. We are carefully extending our product offerings with our partners in each region, thereby increasing our addressable markets, at the same time implementing new systems in each territory and cutting central headcount and other costs.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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