Bigblu swings to £16.3m H1 comprehensive profit following Skymesh sale
By Iain Gilbert
Date: Friday 29 Aug 2025
(Sharecast News) - Broadband services provider Bigblu Broadband said on Friday that it had swung to a profit in the six months ended 31 May following the disposal of its Australian subsidiary, Skymesh.
Bigblu Broadband posted a £16.3m total comprehensive profit in the first-half, when including discontinued operations, reversing a £1.3m interim loss a year earlier, as the Skymesh sale generated £14.9m in upfront cash and enabled it to repay all bank debt and return £6.1m to shareholders via a tender offer.
The AIM-listed group said revenue from continuing operations rose to £300,000, with adjusted underlying losses narrowing to £200,000 from £600,000. Outflows also improved significantly, falling to £700,000 from £5.7m, while the group added that it had ended the period with £400,000 in net cash, compared to £4.9m net debt in H124.
Operationally, Bigblu said it had sold 400,000 Starlink units across mainland UK and Europe in H1, generating £200,000 in revenue.
Chief executive Frank Waters said: "The first half of the year was exceptionally busy with the completion of the disposal of the group's controlling interest in Skymesh in Australia, the repayment of all bank debt facilities, the tender offer to buy back from shareholders for 40p a share and cancel approximately 26% of the company's issued share capital , a focus on increasing Starlink sales through the group's distribution agreement with Starlink as well as the negotiation of Brdy Norway's subsequent Trigger Event.
Overall performance of the group is in line with the board's expectations for the period as we focus on delivering further realisations from the group's outstanding interests and distributing value to shareholders. What is of the utmost importance is that the group now operates off a significantly reduced cost base whilst we continue to support our investments in SKM and Quickline, as well as progress with Starlink sales to ensure we maximise the potential realisation of further value for our shareholders."
As of 0825, Bigblu shares were down 4.06% at 19.19p.
Reporting by Iain Gilbert at Sharecast.com
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