The following is a summary of the financial report for Bigblu Broadband PLC for the year ended 30 November 2024.
**Overview**
The year was a busy and important period for the Group, marked by the signing of the Starlink Distribution contracts for the UK, Europe, and Australia, the disposal of the Groups Norwegian operations, and the continued investment in Skymeshs fully integrated Cloud-Based Microsoft System "Pathfinder." The Group also secured important contract wins under the UK governments £5bn Project Gigabit program and a £250 million debt package to support Quicklines large-scale broadband expansion.
**Review of the year**
The Group started the year with operating businesses in Australia and Norway, focusing on widening product offerings, driving system improvements, and reducing costs. The Group disposed of its Norwegian operations via a Management Buy Out (MBO) to local management, supported by Andrew Walwyn, to prevent the potential need for further cash investment in the region.
In Australia, the Group focused on executing its strategy of organic growth and capitalizing on Skymeshs market-leading position. During the year, Skymesh addressed historic challenges by introducing Starlink products and working with its major satellite provider, NBNCo, to bring uncapped data packages to market.
**Post-Balance Sheet Events**
On December 23, 2024, the Group completed the disposal of its majority interest in Skymesh for a total consideration of up to AUD$50.2 million (£25.0 million). Additional cash consideration could be received by the Group on the first anniversary of the disposal.
During the period, the Group announced the disposal of its Norwegian operations for an equity value of £1 to a team led by local management and Andrew Walwyn. The Group is entitled to contingent Consideration, including a deferred consideration of up to NOK 2.3 million (£0.2 million) and a contingent consideration subject to Brdy Norways EBITDA performance in FY25 and FY26.
**Financial Review**
The Groups revenue for the year was £22.9 million, with recurring airtime revenue representing 90% of total revenue. Gross margins reduced to 29.4%, and overheads reduced to £4.7 million, representing 20.2% of revenue. Adjusted EBITDA for the period was £2.1 million.
**Cashflow performance**
Adjusted Free Cash Flow for the period was an outflow of £3.4 million, reflecting the increase in operating cashflow outflow to £2.9 million, with capital expenditure of £0.03 million, and higher tax and interest at £0.5 million.
**Accounting standards**
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed and adopted for use in the UK. There have been no changes to IFRS standards that have a material impact on the Groups results.
**Dividend**
The directors do not recommend the payment of a dividend.
**Going Concern**
The Directors have reviewed projected cash flows for the continuing Group and believe that the Group is well-placed to manage its business risks and longer-term strategic objectives successfully.