Bigblu Broadband PLC on Monday announced a narrowed annual loss amid higher revenue with the positive momentum expected to carry through in its new financial year.

Bigblu shares surged 12% to 56.50 pence each in London on Monday morning.

The Bicester, Oxfordshire-based rural broadband services provider posted a pretax loss of £1.7 million in 12 months to November 30, narrowed from £4.6 million.

Revenue increased to £12.2 million from £10.8 million.

Bigblu said: ‘Having repaid bank debt in full and established a net cash positive position, the group is continuing to generate positive underlying operating cashflows from its continuing operations.

Bigblu did not pay a dividend, unchanged from the year prior.

During the current year to date, Bigblu said it has continued to show year-on-year growth while benefiting from strong recurring revenues.

Chief Executive Andrew Walwyn said: ’Our Australasian operations are demonstrating robust year on year performance...Our Nordics business still has a number of headwinds to overcome including the cyber event on one of our Satellite network providers into the Nordic region which is impacting [around] 3,000 customers but with the new Management team in Norway we remain positive for the region. We believe we will continue to deliver group year on year growth.‘

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