REG - Bigblu Broadband PLC - Half-year Report
29/08/2025 07:00
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RNS Number : 1155X Bigblu Broadband PLC 29 August 2025
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.
Bigblu Broadband plc
('BBB', the 'Group' or the 'Company')
Interim Results
Focus on investments
Bigblu Broadband plc (AIM: BBB.L), which supports its retained shareholding in
SKM Telecommunication Services Pty Ltd ("SKM") (the 100% owners of Skymesh in
Australia) as well as the retained residual stake in Quickline Communications
("Quickline") to realise value for BBB shareholders, announces its unaudited
interim results for the six months ending 31 May 2025 (the "Period" or
"1H25"). These are the first set of results following the successful sale of
its 100% shareholding in Skymesh, the Group's operations in Australia.
In the Period, the Company's continuing operations comprise the provision of
rural broadband plans through its 100% owned subsidiary Brdy New Zealand, a
minority interest (33.9% undiluted) in SKM as well as the retained residual
stake (2.8%) in Quickline in the UK. In addition, the Group continues to
service business customers through its distribution of Starlink Enterprise
business across UK and Europe.
Financial Highlights - Continuing Operations
· Total revenue £0.3m (1H24: £0.2m)
· Adjusted EBITDA(1) loss reduced in the period to £0.2m (1H24: Loss
£0.6m), post cost rationalisations
· Adjusted Free cash outflow(2) reduced to £0.7m (1H24: outflow
£5.7m), before exceptional items.
· Net cash(3) as at 1H25 was £0.4m (1H24: Net debt(3) £4.9m), post
the receipt of the initial consideration on the disposal of Skymesh, the full
repayment of the Group's historic RCF with Santander and the return of £6.1m
to shareholders through the tender offer.
Operational Highlights
· Brdy New Zealand - wholly owned
o As part of the disposal of Skymesh, Brdy New Zealand was separated and
transferred into BBB plc's special purpose vehicle, Bigblu Broadband New
Zealand Ltd, for a nominal value.
o The Group continues to service 100+ customers through its satellite
broadband network and at the same time actively consider opportunities to
realise value for shareholders.
· Starlink Enterprise Business
o During FY24, following the agreement entered with Starlink, the Group
launched its Starlink distribution business. During FY24 and 1H25, the Group
invested an initial £2.1m in inventory as well as investing £0.4m in systems
and £0.2m in operational resources to support the rollout in Australia and
UK/Europe.
o In 1H25, BBB sold 0.4k units in mainland UK/Europe, generating revenue of
£0.2m (1H24: 0.2k units and £0.1m revenue).
· Australia - Minority Interest
o On 23 December 2024 the Group disposed of its controlling interest in
Skymesh to SKM for a maximum consideration of up to AUD$50.2m (£25.0m) with
the Group receiving an upfront cash payment of AUD$30.0m (£14.9m) on
completion, up to $6.9m deferred consideration payable after 12 months, and
AUD$13.3m through the issue of new shares in SKM. BBB retains a 33.9% stake in
SKM post the transaction and c25% on a fully diluted basis (assuming expected
Strategic Investor Options and Employee Options available are exercised in
full).
o Skymesh FY24 accounts were signed on 10 June 2025 post a review by SKM
Board of Directors and were unchanged from that reported within the BBB's FY24
year end results.
· Quickline - Minority Interest
o Quickline continues to be well supported by Northleaf, who have provided
c.£150m of funding since the acquisition in 2021. BBB currently retains a
2.8% stake.
o Post securing a £250m debt facility with The National Wealth Fund and
NatWest in August 2024, Quickline has been focused on delivering their four
contracts worth c£300m it had secured under the government's £5bn Project
Gigabit programme. These contracts subsidise the rollout of a full fibre
network to more than 170,000 hard-to-reach rural homes and businesses across
Yorkshire and Lincolnshire which have been left behind by commercial rollouts.
· Brdy Norway - Trigger Event & Contingent Consideration
Implications
o In May 2024, the Group divested its holding in Brdy Norway via an MBO led
by Andrew Walwyn and the local management team to Brdy Holding AS, a
subsidiary of Blukom SGPS (owned and controlled by Andrew Walwyn).
Subsequently, in February 2025, following notification of a subsequent trigger
event involving Brdy Norway, BBB plc received £0.1m net of expenses in
relation to contingent payments due pursuant to the terms of the disposal
agreement with Brdy Holding AS.
· Repayment of Revolving Credit facilities
o Post the completion of the disposal of the controlling interest in the
Australian operations and the receipt of the initial consideration, and prior
to the repayment of the Group's debt facilities and the return of cash to
shareholders through the tender offer, the Group's pro forma cash position was
£14.9m.
o The Group used part of the proceeds of the Skymesh disposal to repay all
its existing Revolving Credit Facility ("RCF") with Santander (including all
charges and accrued interest) totaling, in aggregate, c.£6.9m. We are very
grateful to Santander, who have been an extremely supportive partner to the
business since the facilities were originally put in place.
· Tender Offer
o Post the repayment of the Group's RCF, in line with the Board's strategy
of returning capital to Shareholders, on 3 March 2025 the Group announced a
tender offer to return up to £6.1m by way of a purchase of 15.25m ordinary
shares (representing c.26% of the Company's existing issued share capital) at
a price of 40 pence per ordinary share. This tender was satisfied in full in
early May 2025.
(1) Adjusted EBITDA is stated before interest, taxation, depreciation,
amortisation, share based payments and exceptional items. It also excludes
property lease costs which, under IFRS 16, are replaced by depreciation and
interest charges
(2) Adjusted Operating cash flow relates to the amount of cash generated from
the Group's operating activities and is calculated as follows: Profit/(Loss)
before Tax adjusted for Depreciation, Amortisation, Share Based Payments and
adjusting for changes in Working Capital and non-cash items and excludes items
identified as exceptional in nature. Adjusted Free cash flow being cash
(used)/generated by the Group after investment in capital expenditure,
servicing of debt and payment of taxes and excludes items identified as
exceptional in nature.
(3) Cash / Net debt excludes lease-related liabilities of £nil under IFRS 16
(1H24 £0.1m).
Frank Waters, Chief Executive Officer of Bigblu Broadband plc, commented:
"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. At the same time, we continued to
reduce cash outflows with further rationalisations of Group's overheads to
ensure the costs of the Group were proportionate to the revised size of the
Group. 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.
For further information:
Bigblu Broadband Group PLC www.bbb-plc.com (http://www.bbb-plc.com)
Cavendish Capital Markets Limited (Nomad and Broker) Tel: +44 (0)20 7220 0500
Marc Milmo (Corporate Finance)
Tim Redfern / Harriet Ward (ECM)
About Bigblu Broadband plc
Bigblu Broadband plc (AIM: BBB.L) is focused on supporting its retained
shareholdings in SKM and Quickline to realise value for BBB shareholders as
well as driving its Starlink performance.
CHIEF EXECUTIVE'S REPORT
1H25 was an important half year in many respects as we continued to realise
value within the Group and distribute it to shareholders. The core objectives
of the Group remain to maximise existing asset value whilst minimising costs
and cash outflows.
The 1H25 period began with the Group's disposal of its controlling interests
in its Australian operations Skymesh, to an international and local private
equity investor, Salter Brothers, who have since brought in extremely strong
senior leaders within the Telco space to add to the existing local team. In
addition, fresh equity capital has been raised by the new owner of Skymesh
which has been earmarked for growth, so as to help Skymesh take advantage of
timely market opportunities. Retaining a stake in SKM (33.9% undiluted and
c.25% on a fully diluted basis) allows the Group to maintain exposure to any
potential uplift in the Australian broadband market in the future.
Post the Australian transaction, in December 2024, we repaid all bank debt
facilities including accrued interest and fees of £6.9m and in March 2025 we
announced a 40p per share distribution to shareholders of £6.1m which
resulted in the cancellation of c.26% of the Company's shares in issue.
Payments to shareholders under the tender offer were made in early May 2025
and the Group currently has 43.6m ordinary shares in issue.
The Starlink business, through the Group's distribution agreement with
Starlink, saw good growth year-on-year as we continued to support this sales
channel whilst minimising costs.
As part of the efforts to reduce overhead costs and improve free cash flow of
the continuing Group, there was a further rationalisation of costs compared to
1H24. Management continues to assess these costs to ensure they are incurred
on a need-by-need basis. We expect underlying costs to continue to decrease.
Operational Review
Australia
On 23 December 2024 the Group completed the disposal of its controlling
interest in Skymesh for a total consideration of up to AUD$50.2m (c.£25.0m)
of which AUD$43.3m was received on completion (AUD$30.0m (c.£14.9m) paid in
cash and AUD$13.3m (c.£6.6m) through the issue of new shares in SKM
Telecommunication, the acquirer of Skymesh).
Post transaction, BBB retains a material stake in SKM of 33.9% (undiluted) and
c25% on a fully diluted basis (assuming all the Strategic Investor Options and
Employee Options available are exercised).
Pursuant to the terms of the sale agreement, the Group is potentially entitled
to a maximum additional cash consideration on the first anniversary of the
disposal on the following basis:
i. 13.7% of the Headline Price (c.AUD$6.9m (c.£3.5m)); plus
ii. a cash amount equal to Skymesh's net profit after tax, before
depreciation and amortisation and unrealised foreign exchange movements, but
including management fees and exceptional items, for the month of November
2024; plus
iii. an amount equal to the excess of the Completion Payment above the
Completion Payment Cap if applicable; less
iv. the balance of the Skymesh customer debt not collected during the
period of six months from 1 February 2025 which is greater than 120 days
overdue relating to the implementation of the Pathfinder system which resulted
in approximately $2.8m (the "Pathfinder Implementation Debt") not being
invoiced or slow to be invoiced and the subsequent delayed collection of such
due payments from customers; less
v. the costs incurred by SKM in undertaking a recovery program of the
Pathfinder Implementation Debt under the direction of the Company.
Frank Waters, CEO of BBB, holds one seat on the board of SKM, and the Group
supports SKM via monthly off-site and quarterly on-site board meetings.
As set out in the transaction documents we have supported the new owners of
Skymesh on several matters including the debt collection process in relation
to the AUD$2.8m Pathfinder Implementation Debt. The success of this exercise
was dependent on the SKM management team's deployment of credit management
systems and chasing debts outstanding in line with strict adherence to
financial hardship rules.
Since deal completion, the following key changes have been made by SKM:
· Significant strengthening of the Board following appointment of
Vaughan Bowen as Board Director.
· Offshoring most of the call center whilst introducing Artificial
Intelligence into the process.
· Moving offices to a more flexible space at a reduced cost.
· Year-end changed to 30 June 2025; and
· Budget submitted to National Australia Bank.
As part of the year end audit process, we will consider the appropriateness of
Equity accounting for the investment in SKM under IAS 28.
New Zealand
As part of the disposal of the controlling interest in Skymesh, Brdy New
Zealand was separated from the transaction and transferred into a newly
created special purpose vehicle, Bigblu Broadband New Zealand Ltd for a
nominal value to allow a separate reporting function, adherence with legal and
regulatory requirements in New Zealand and to access potential value
realisation opportunities whilst we continue to service its c.100+ customers.
Revenues in the Period from New Zealand were £28k.
Quickline
During the FY24 period, Quickline was awarded all four of the contracts that
it bid for, totaling c.£300m, under the government's £5bn Project Gigabit
programme. This made it the third largest Project Gigabit regional delivery
partner in the UK, after Openreach and Cityfibre. In addition, Quickline
secured a £250m debt package comprising a £125m term loan and £100m debt
guarantee from the UK Infrastructure Bank alongside a £25m term loan provided
by NatWest. This additional funding helps support Quickline's large-scale
broadband expansion in Yorkshire and Lincolnshire as it targets to pass more
than 500,000 rural premises in these two counties.
During the 1H25 period:
· Quickline continued to roll out its full fibre network, passing over
100,000 FTTP premises in addition to over 200,000 rural premises with fixed
wireless access. This includes the commencement of all four Project Gigabit
contracts with initial build milestones met or exceeded and subsidies
received. Customer growth has continued.
· Financing requirements have been met by drawing down from the £250m
debt facility; and
· Management continues to support Quickline as appropriate to achieve
its goals across its fibre and fixed wireless business
Project Gigabit is the government-backed programme to connect hard-to-reach
areas which, without government intervention, would miss out on fast and
reliable, gigabit capable broadband. The rollout of Project Gigabit is
overseen by Building Digital UK (BDUK) - an executive agency of the Department
for Science, Innovation and Technology.
Brdy Norway Trigger Event
The Group disposed of Brdy Norway in May 2024. A subsequent transaction
involving Brdy Norway, which occurred in early 2025, constituted a Trigger
Event as defined under the terms of the disposal agreement entered into in May
2024. On 2 February 2025, as part of this Trigger Event, BBB plc received
£0.1m net of expenses.
Post the Trigger Event, the new owner of Brdy Norway, Blukom SGPS, agreed to
underwrite the following deferred and contingent consideration components of
the May 2024 deal with the Group should they crystalise:
1. The deferred consideration relating to the deposit held by Telenor of
2.3m NOK (£0.2m)
2. 50% of any legal settlement of the Viasat Claim with Euro Broadband
Infrastructure Sarl (or any parent/subsidiary) (est. at £0.2m)
3. A contingent consideration subject to Brdy Norway's EBITDA
performance in FY25 and FY26 financial periods
Starlink
In FY24 and 1H25, in addition to the initial upfront investment of £2.1m in
Starlink stock, the Group committed a further £0.4m to Systems and £0.2m to
operational resources to establish its position as a distributor of Starlink
products.
The Group's sales channel improved substantially with service activations
increasing by 53% from 31 activations per month to 47 per month, and kit sales
increasing by 20% from 59 kit sales per month to 71 per month.
Overheads and Cost Reductions
The Board continues to ensure that its cost base reflects the ongoing
operations of the Group. The Group has reduced central costs to reflect the
reduced size of the business. With improved operational efficiencies, the
Group expects that the underlying performance in FY25 will continue to
improve. Cost reductions continue to be a key focus on reducing central costs,
with headcount reduced further in 1H25 and general overheads reduced on a like
for like base.
Frank Waters
CEO
FINANCIAL REVIEW
This financial review describes the performance of the Company during the
Period and is summarised as follows.
Key Performance Indicators for continuing Operations
The Group utilises several Key Performance Indicators (KPI's) to measure
performance against our strategy. A description of these KPI's and performance
against them is set out below for the continuing operations.
Total revenue (which includes sales from all operations) for the continuing
operations was £0.3m (1H24: £0.2m). Revenue split by product type and region
is as follows:
· Recurring revenues, including airtime and loan notes income, in 1H25
of £0.1m (1H24: £0.1m) and other services in 1H25 of £0.2m (1H24: £0.1m)
following an increase in Starlink sales
· UK / Europe in 1H25 of £0.3m (1H24: £0.2m) and New Zealand in 1H25
of £28k (1H24: £37k)
Gross profit was £0.2m (1H24: £0.1m) and gross profit margin of 54% (1H24:
48%) with £0.1m of unrealised accrued interest on the QCL Loan Notes at 100%
gross margin, whereas Brdy New Zealand and Starlink generated a gross margin
of 28% and 9%, respectively.
Total Distribution and Administrative Expenses, which include amortisation,
depreciation and other non-recurring items decreased during the period by
£0.2m to £1.0m (1H24: £1.2m) due to lower non-recurring staff costs
associated with rationalisations (£0.3m), lower IT costs (£0.1m), offset by
higher deal-related costs (£0.2m). Depreciation was slightly lower in the
period and amortisation of intangible assets was £nil in the period.
Interest income in the period was £16k due to the proceeds from the sale in
December being placed on deposit (1H24: interest expense of £0.2m due to the
RCF existing with Santander at that time).
The taxation charge of £nil (FY24: £nil) is based on retained losses carried
forward relating to PLC. The New Zealand business has no requirement currently
for a provision against expected taxable profits at the 1H25 period end due
again to losses carried forward.
Loss from continuing operations represents gross profit less Distribution and
Administrative Expenses and Interest expense. The loss was reduced in the
period to £0.9m (1H24: Loss £1.3m) mainly due to lower distribution and
administration costs (£0.2m) and lower interest costs (£0.2m).
Discontinued operations profit in the period from the sale of Skymesh,
represented a gain of £17.1m (1H24: £nil).
Profit including discontinued operations resulted in a Total comprehensive
profit for the period of £16.3m (1H24: Loss £1.3m).
Other underlying key performance indicators include the following:
· Adjusted EBITDA loss before share based payments, depreciation,
intangible amortisation, one-off employee-related rationalisation costs and
start-up costs is the measure of the Group's operating performance.
o Loss was reduced to £0.2m (1H24: Loss £0.6m) due to higher margin from
revenue and lower overheads associated with staff costs.
o By region, the loss was reduced to £0.2m (1H24: Loss £0.6m) in UK &
Central Europe, due to higher gross margins from the Starlink revenue and
lower staff costs. New Zealand was in line with prior year at a loss of £4km
(1H24: Loss £13k).
· Adjusted operating cashflow relates to the amount of cash generated
from the Group's operating activities and is calculated as follows:
Profit/(Loss) before tax adjusted for exceptional items, depreciation,
amortisation, share based payments and adjusting for changes in working
capital and non-cash items.
o During the period there was an outflow of £0.7m (1H24: Outflow £5.3m), a
reduction of £4.6m year on year, after the planned stock investment of £2.1m
in the announced Starlink contract in December 2023, working capital (£2.2m),
and forex and non-cash improvements (£0.3m) over the period.
· Adjusted free cashflow before exceptional items primarily related to
M&A activities and restructuring costs post the disposal of the Australian
operations being cash (used)/generated by the Group after investment in
capital expenditure, servicing of debt and payment of taxes and excluding
items identified as exceptional in nature.
o During the period this represented an outflow of £0.7m (1H24: outflow
£5.7m), an outflow reduction of £5.0m year on year, after the operating cash
improvement of £4.6m and lower interest (£0.3m) and capital expenditure
(£0.1m) in the period.
· Adjusted Earnings per share (EPS) is the Continued business's
profit/(loss) after tax before exceptional costs, share based payments,
impairment of fixed assets and deferred tax adjustments, divided by the
weighted average number of shares.
o The continuing business EPS loss for the period reduced on the previous
year down from 1.5p to 0.3p with the discontinued operations profit EPS of
34.3p (1H24: nil)
Statutory Results and EBITDA Reconciliation
A reconciliation of the adjusted EBITDA loss of £0.2m in the period (before
share based payments and exceptional items) (1H24: £0.6m) to Continuing
adjusted PAT loss of £0.1m (1H24: £0.9m loss) is shown below:
This is a non-GAAP alternative performance measure.
Unaudited 6 months to 31 May 2025 Unaudited 6 months to 31 May 2024 Audited 12 months to 30 November 2024
£000 £000 £000
Adjusted EBITDA Loss 1 (153) (605) (1,010)
Depreciation 2 (15) (27) (81)
Amortisation 3 - (11) (18)
Adjusted EBIT Loss (168) (643) (1,109)
Underlying interest 4 16 (234) (685)
Tax (charge) 5 - - (1)
Foreign exchange transaction gain / (loss) 6 12 (13) (199)
Amortisation - 11 18
Continuing Adjusted PAT Loss (140) (879) (1,976)
1. Adjusted EBITDA loss from continuing operations (£0.2m) before for
interest, depreciation/amortisation, forex translation and exceptional costs
(1H24: Loss £0.6m).
2. Total depreciation was lower than prior year at £15k (1H24: £27k)
as net book value of fixed assets decreased from £286k to £36k from 1H24 to
1H25.
3. Amortisation of intangible assets was £nil in the period due to
fully written down software development costs in the PLC (1H24: £11k).
4. Interest income of £16k in the period related to interest on deposit
funds following the disposal of Skymesh. Prior year the interest charge was
£0.2m and related to the existing RCF facilities with Santander at the time,
which were fully repaid in December 2024 after receiving the upfront
consideration from the Skymesh transaction
5. The tax charge of £nil (FY24: £nil) is based on retained losses
carried forward in the PLC and Brdy New Zealand.
6. Foreign exchange transaction gain/loss includes the movement in
currency attributable to the foreign payments and receipts between the
transactional rate and the date of payment. Realised forex amounts to a gain
of £15k (1H24: Loss £1k), with unrealised representing a loss of £3k (1H24:
Loss £12k).
Cash Flow Analysis:
Underlying Cashflow performance
Adjusted Free Cash Flow in the period, before exceptional costs, was an
outflow of £0.7m (1H24: outflow £5.7m). This reflects the reduced EBITDA
loss of £0.2m (1H24: Loss £0.6m), working capital outflow of £0.4m (1H24:
Outflow £4.3m) and forex and non-cash outflow of £0.1m (1H24: Outflow
£0.4m), resulting in an operating cashflow outflow of £0.7m, with capital
expenditure of £1k (1H24: £0.1m), lower net tax and interest of £16k inflow
(1H24: Outflow £0.4m).
This is a non-GAAP alternative performance measure.
The underlying cash flow performance analysis seeks to clearly identify
underlying cash generation within the Continuing Group, and separately
identify the cash impact of identified exceptional items including
refinancing, fundraising, M&A activity cash costs and the treatment of
IFRS 16 and is presented as follows:
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 May 2025 31 May 2024 30 Nov 2024
£000 £000 £000
Adjusted EBITDA Loss (153) (605) (1,010)
Underlying movement of working capital 1 (444) (4,287) (2,178)
Forex and other non-cash items 2 (102) (406) 311
Adjusted operating cash flow before interest, tax, Capex and exceptional items 3 (699) (5,298) (2,877)
Tax and interest received/(paid) 4 16 (371) (499)
Purchase of Assets 5 (1) (70) (29)
Adjusted free cash flow before exceptional and M&A items (684) (5,739) (3,405)
Exceptional items relating to M&A, disposals, restructuring costs and the 6 (698) (363) (1,144)
establishment of network partnerships
Free cash outflow after exceptional items
(1,382) (6,102) (4,549)
Investing activities 7 (230) (267) -
(Repayment)/Proceeds from Loans 8 (6,865) 4,400 4,400
Proceeds from Sale of Subsidiary 9 14,949 - -
Return of value to Shareholders 10 (6,100) - -
Financing activities 11 - (96) 31
Increase/(Decrease) in cash balance pre-Discontinued operations 372 (2,065) (118)
Movement in cash from discontinued operations - - (2,407)
Movement in Cash 372 (2,065) (2,525)
Opening Cash 26 3,632 3,632
Less discontinued operations cash / cash equivalents including deposits - - (1,081)
Closing Cash 398 1,567 26
1. This reflects the cash outflow from working capital of £0.4m (1H24:
outflow £4.3m) due in the main to:
a. A reduction in Trade & Other Receivables of £6.4m due in the
main to the assets held for sale removed (£10.0m) and the deferred
consideration receivable added (£3.5m), as well as lower trade collections of
(£0.3m) due from SKM, offset by lower prepayments (£0.2m).
b. A reduction in Trade Payables and Other Payable of £7.0m due in the
main to the liabilities held for sale removed (£5.9m), lower Trade payable
(£0.3m), lower accruals (£0.3m) and lower other creditors (£0.5m).
c. A reduction in Inventory due to Starlink stock sold of £0.2m
(1H24: increase £1.6m which included the investment in stock).
d. In summary the split of the £444k outflow is as follows:
- Reduction in inventory £0.2m
- Reduction in Trade and other receivables £6.4m
- Reduction in Trade and Other payables (£7.0m)
2. Forex and non-cash outflow of £0.1m (1H24: Outflow £0.4m) reflects
the currency revaluation relating to the exchange movement in the Consolidated
Statement of Comprehensive Income and the Consolidated Statement of Financial
Position.
3. This resulted in an adjusted operating cash outflow before Interest,
Tax, Capital expenditure and Exceptional items of £0.7m (1H24: outflow
£5.3m).
4. Tax was £nil in the period, with interest income of £16k on the
deposit funds post sale of Skymesh (1H24: outflow £0.4m - This covers
interest on the loan facility and leases).
5. Purchases of assets in 1H25 were £1k (1H24: £0.1m).
6. The Group incurred expenses in the period that are considered
exceptional in nature. Whilst they may re-occur given the nature of the
business undergoing significant changes, it is appropriate to clearly identify
by their nature and identify the underlying trading trends in the period.
These comprise:
a. £0.1m (1H24: £0.2m) of M&A related costs, the establishment of
network partnerships and restructuring costs. These costs comprise mainly
professional and legal fees and includes an apportionment of staff and local
management time spent on Specific One-Off Projects.
b. £0.5m (1H24: £0.2m) employee termination, restructuring costs in
the UK and costs associated with SO's.
c. £0.1m exceptional bad debt on liquidation of a reseller
7. Investing activities cover the increase in the loan notes rolled
interest added monthly associated with Quickline Communications.
8. In 1H25 the total RCF debt facility with Santander was repaid
(£6.8m) along with interest of £0.1m (1H24: Represents a drawdown on the
facility of £4.4m to support Starlink and working capital).
9. In December 2024 the business received £14.9m (AUD$30m) from the
sale of Skymesh.
10. On 3 March 2025 the Group announced a tender offer to return up to
£6.1m by way of a purchase of 15.25m ordinary shares (representing c.26% of
the Company's existing issued share capital) at a price of 40 pence per
ordinary share, which was satisfied in full. The results of the tender offer
were announced on the 23 April 2025, and capital was returned to shareholders
for the maximum 15.25m ordinary shares in early May 2025.
11. In 1H25 financing activities were £nil. 1H24 related to the principal
element of lease payments of £0.1m.
Cash and net debt for the overall Group is summarised as follows:
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 May 2025 31 May 2024 30 Nov 2024
£000 Unaudited £000
Composition of closing net cash
Cash and cash equivalents 398 1,567 26
Gross cash and cash equivalents in disposal group
- - 1,081
Bank loans - (6,500) (6,500)
Net Cash/(Debt) 398 (4,933) (5,393)
Consolidated Statement of Financial Position
Fixed Assets reduced in the year to £36k (1H24: £0.3m) after adjusting for
depreciation in the period of £15k (1H24: £27k).
Intangible Assets decreased to £nil (1H24: £4.9m) post the disposal of
Skymesh classified as discontinued as at 30 November 2024.
Working Capital
· Inventory days increased to 151 days (1H24: 42 days) due to the
slow-moving stock held to support the Starlink business unit. Carrying value
of stock at the end of 1H25 was £0.4m (1H24: £0.6m).
· Debtor days increased to 53 days (1H24: 38 days) due to the increased
overdues in the Brdy New Zealand business.
· Creditor days decreased to 47 days (1H24: 76 days) due to a lower
value of Trade Creditors paid post the sale of Skymesh.
Total net cash, excluding lease liabilities, increased by £5.3m in the period
to £0.4m (1H24: net debt 4.9m) and is explained further in the Cash Flow
Analysis section.
Statutory EPS and Adjusted EPS for total company including discontinued
operations
Statutory basic and diluted EPS loss per share decreased to a loss of 1.7p
(1H25) from 2.2p (1H24).
Statutory EPS Pence
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
31 May 31 May 30 Nov
2025 2024 2024
Basic EPS attributable to ordinary shareholders from continuing operations (1.7) (2.2) (8.4)
Diluted EPS from continuing operations (1.7) (2.2) (5.4)
Frank Waters
CEO
Bigblu Broadband plc
Consolidated statement of comprehensive income
6 months ended 31 May 2025
Continuing Operations
Unaudited Unaudited Audited
6 months 6 months to 12 months
to 31 May to
31 May 2024 30 Nov
Note 2025 2024
£000 £000 £000
Revenue 327 249 696
Cost of goods sold (149) (130) (488)
Gross Profit 178 119 208
Distribution and administration expenses 2 (1,029) (1,126) (2,561)
Depreciation (15) (27) (81)
Amortisation - (11) (18)
Operating Loss (866) (1,045) (2,452)
Interest Receivable/(Payable) 3 16 (234) (685)
Loss before Tax (850) (1,279) (3,137)
Taxation (charge) - - (1)
Loss from continuing operations (850) (1,279) (3,138)
Profit/(Loss) from discontinued operations 4 17,095 - (1,786)
Profit/(Loss) for the period 16,245 (1,279) (4,924)
Other comprehensive income / (expense)
Foreign currency translation difference 24 (6) 251
Total comprehensive profit/(loss) for the period 16,269 (1,285) (4,673)
Profit / (Loss) per share
Total - Basic EPS 5 32.6p (2.2p) (8.4p)
Total - Diluted EPS 5 32.6p (2.2p) (8.4p)
Continuing operations - Basic EPS 5 (1.7p) (2.2p) (5.4p)
Continuing operations - Diluted EPS 5 (1.7p) (2.2p) (5.4p)
Discontinued operations - Basic EPS 5 34.3p - (3.0p)
Discontinued operations - Diluted EPS 5 34.3p - (3.0p)
Adjusted earnings per share from continuing operations
Total - Basic EPS 5 (0.3p) (1.5p) (3.4p)
Total - Diluted EPS 5 (0.3p) (1.5p) (3.4p)
Bigblu Broadband plc
Consolidated statement of financial position
As at 31 May 2025
Note Unaudited Unaudited Audited
As at As at As at
31 May 2025 31 May 2024 30 Nov 2024
£000 £000 £000
Non-Current Assets
Intangible assets - 4,897 -
Property Plant and Equipment 36 286 51
Investments 12,922 6,080 6,167
Deferred Tax asset - 829 -
Total Non-Current Assets 12,958 12,092 6,218
Current Assets
Inventory 361 1,787 561
Trade Receivables 518 2,517 244
Other Debtors 4,352 1,522 1,052
Cash and Cash Equivalents 398 1,567 26
5,629 7,393 1,883
Assets classified as held for sale - - 9,966
Total current assets 5,629 7,393 11,849
Current Liabilities
Trade Payables (106) (3,224) (368)
Recurring Creditors and Accruals (312) (1,038) (565)
Other Creditors (465) (290) (11)
Payroll taxes and VAT 105 (516) (385)
Provisions for liabilities and charges (685) (685) (685)
Loans - (6,500) (6,500)
(1,463) (12,253) (8,514)
Liabilities classified as held for sale
- - (5,860)
Total Current Liabilities (1,463) (12,253) (14,374)
Non-Current Liabilities
Deferred taxation - (632) -
Total Non-Current Liabilities - (632) -
Total Liabilities (1,463) (12,885) (14,374)
Net Assets 17,124 6,600 3,693
Equity
Share Capital 6,540 8,783 8,827
Share Premium 2,728 8,608 8,608
Other Reserves 6 2,514 23,093 23,061
Revenue Reserves 5,342 (33,884) (36,803)
Total Equity 17,124 6,600 3,693
Bigblu Broadband plc
Consolidated Cash Flow Statement
6 months ended 31 May 2025
Unaudited Unaudited Audited
6 months 6 months 12 months ended
ended ended
31 May 2025 31 May 2024 30 Nov 2024
£000 £000 £000
Loss after tax from Continuing operations (850) (1,279) (3,138)
Profit/(Loss) after tax from Discontinued operations 17,095 (725) (1,786)
Profit/(Loss) for the period including Discontinued operations 16,245 (2,004) (4,924)
Interest (receivable)/charge (16) 330 840
Taxation - 79 (702)
Amortisation of intangible assets - 677 1,379
Depreciation of property, plant and equipment - owned assets 15 163 181
Depreciation of property, plant and equipment - ROU assets - 76 636
Loss on net-assets disposed of - - 618
Gain on disposal adjusted for Deferred Consideration as non cash and foreign (19,401) (69) 359
exchange variance and other non-cash items
Decrease / (Increase) in inventories 197 (1,676) (479)
(Increase) in trade and other receivables (90) (1,872) (396)
(Decrease) in trade and other payables (551) (739) (2,725)
Loss on disposals of fixed assets - - 16
Operating cash outflow after movements in working capital (1,397) (5,035) (5,197)
Interest received/(paid) 16 (340) (653)
Tax paid - (31) (140)
Net cash used in operating activities (1,381) (5,406) (5,990)
Investing activities
Purchase of property, plant and equipment (1) (70) (172)
Purchase of intangibles and investments (230) (267) (560)
Net cash used in investing activities (231) (963) (732)
Financing activities
Proceeds from issue of ordinary share capital - - 44
Proceeds from Sale of Subsidiary 14,949 - -
Return of value to shareholders (6,100) - -
Loans (repaid) / drawn down (6,865) 4,400 4,400
Principal elements of lease payments - (96) (247)
Cash generated from financing activities 1,984 4,304 4,197
Net decrease in cash and cash equivalents 372 (2,065) (2,525)
Cash and cash equivalents at beginning of period 26 3,632 3,632
Cash in disposal group held for sale - - (1,081)
Cash and cash equivalents at end of period 398 1,567 26
Bigblu Broadband plc
Condensed consolidated Reserves Movement
6 months ended 31 May 2025
Share Capital Share Premium Other Reserves Revenue Reserve Total
£000 £000 £000 £000 £000
Note 6
At 31 May 2024 8,783 8,608 23,093 (33,884) 6,600
Loss for the period - - - (2,919) (2,919)
Issue of Shares 44 - - - 44
Foreign Exchange Translation
- - (32) - (32)
8,827 8,608 23,061 (36,803) 3,693
At 30 November 2024
Profit for the period - - - 16,245 16,245
Foreign Exchange Translation - - (31) - (31)
Reclassification of Capital Redemption (23,833) 26,120 2,287
Repurchase of Shares (6,100) (6,100)
Return of Equity (2,287) (5,880) 3,317 5,880 1,030
6,540 2,728 2,514 5,342 17,124
At 31 May 2025
Bigblu Broadband plc
Notes to the financial statements
For the period ended 31 May 2025
1. Presentation of financial information and accounting policies
Basis of preparation
The condensed consolidated financial statements are for the half year ending
31 May 2025.
The nature of the Company's operations and its principal activities is the
provision of last mile (incorporating Satellite and Wireless) broadband
telecommunications and associated / related services and products.
The Company prepares its consolidated financial statements in accordance with
International Accounting Standards ("IAS") and International Financial
Reporting Standards ("IFRS") as adopted by the UK. The financial statements
have been prepared on a historical cost basis, except for the revaluation of
financial instruments.
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts in the financial statements. The
areas involving a higher degree of judgement or complexity, or areas where
assumptions or estimates are significant to the financial statements are
disclosed further. The principal accounting policies set out below have been
consistently applied to all the periods presented in these financial
statements, except as stated below.
Going concern
The Directors have prepared and reviewed projected cash flows for the Group,
reflecting its current level of activity, and anticipated future plans for the
next 12 months, from the date of signing. The Group is currently loss-making,
mainly because of depreciation, amortisation, central costs and exceptional
charges. These costs are planned to reduce significantly in the second half of
the year per the forecasts and in line with reduced size of operations. The
Group's overall objective is to realise the remaining value within the
business units and distribute it to shareholders after operational and one-off
costs are accounted for.
The Board has identified the key risks, and these include:
· Slower revenue growth, and therefore EBITDA and cash
generation if sales growth decreases or churn increases over the period
· Longer period to reduce central costs given complexity of
business
· Increased exceptional costs
The Board also recognises several mitigating factors that could protect the
future going concern of the business. These include:
· Improved sales activities
· Identification of additional revenue streams
· Support from network partners for the business and
customers
· Reducing cost base further
The Board has conducted stress tests against our business performance metrics
to ensure that we can manage any continuing risks. We recognise that several
of our business activities could be impacted, and we have reflected these in
this analysis including supply chain disruptions, delays in sales or
installations, earnings, or cash generation. By modelling sensitivities in
specific KPIs such as volume of activations, churn, ARPU, margin, overhead and
FOREX, management is satisfied that it can manage these risks over the going
concern period.
Furthermore, management has in place and continues to develop robust plans to
protect EBITDA and cash during this period of uncertainty and disruption.
Under this plan identified items include reducing discretionary spend,
postponing discretionary Capex, reducing marketing, freezing all headcount
increases, and working with suppliers on terms particularly with our network
partners.
The Company's business activities, together with the factors likely to affect
its future development, performance and position are set out in the Chief
Executive Report. The financial position of the Company, its cash flows and
liquidity position are described in the Finance Review.
As at 31 May 2025 the Company generated an adjusted EBITDA loss before
exceptional items in the Consolidated statement of financial position, of
£0.2m (1H24: Loss £0.6m), and with free cash outflow from operations of
£0.7m (1H24: outflow of £5.7m) and a net increase in cash and cash
equivalents of £0.4m in the period (1H24: decrease £2.1m). The Company
balance sheet showed net cash as at 31 May 2025 of £0.4m (1H24: net debt
£4.9m). Having reviewed the Company's budgets, projections and funding
requirements, and taking account of reasonable possible changes in trading
performance over the next twelve months, particularly considering the current
global economic situation and counter measures, the Directors believe they
have reasonable grounds for stating that the Company has adequate resources to
continue in operational existence for the foreseeable future.
The Board has concluded that no matters have come to its attention which
suggest that the Company will not be able to maintain its current terms of
trade with customers and suppliers or indeed that it cannot adopt relevant
measures as outlined in the Strategic report to reduce costs and free cash
flow. The latest management information in terms of volumes, debt position and
ARPU are showing a positive position compared to prior year and current
forecasts. The forecasts for the combined Company projections, taking account
of reasonably possible changes in trading performance, indicate that the
Company has sufficient cash available to continue in operational existence
throughout the forecast year and beyond. The Board has considered various
alternative operating strategies should these be necessary and are satisfied
that revised operating strategies could be adopted if and when necessary.
Furthermore, the continuing arrangements with key banking partners gives the
Board further comfort on the going concern concept. Consequently, the Board
believes that the Company is well placed to manage its business risks, and
longer-term strategic objectives, successfully.
Estimates and judgments
The preparation of a condensed set of financial statements requires management
to make judgments, estimates and assumptions about the carrying amounts of
assets and liabilities at each period end. The estimates and associated
assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis.
In preparing this set of consolidated financial statements, the significant
judgments made by management in applying the Company's accounting policies and
the key sources of estimating uncertainty were principally the same as those
applied to the Company's financial statements for the year ended 30 November
2024.
Basis of consolidation
The condensed consolidated financial statements comprise the financial
statements of Bigblu Broadband plc and its controlled entities. The financial
statements of controlled entities are included in the consolidated financial
statements from the date control commences until the date control ceases. The
financial statements of subsidiaries are prepared for the same reporting
period as the parent company, using consistent accounting policies. All
inter-company balances and transactions have been eliminated in full.
2. Distribution and Administration Expenditure
Distribution and administration costs for the continued operations are
analysed below. This is non-GAAP information, in which the allocation is
unaudited.
Unaudited Unaudited Audited
6 Months to 6 Months to 12 Months to
31 May 2025 31 May 2024 30 Nov 2024
£000 £000 £000
Employee related costs 171 434 860
Marketing and communication costs - 2 15
Finance, Legal, IT, banking, insurance, logistics, AIM and Other costs 160 327 542
Underlying costs 331 763 1,417
% of Revenue 101.2% 306.5% 203.6%
Depreciation 15 27 81
Impairment of Fixed Assets - - -
Amortisation - 11 18
Total Depreciation and Amortisation 15 38 99
% of Revenue 4.5% 15.3% 14.2%
Professional and legal related costs associated with corporate activity and 698 363 1,144
restructuring / redundancy costs / disposals
Identified Exceptional Costs 698 363 1,144
% of Revenue 213.6% 145.7% 164.4%
Total 1,044 1,164 2,660
% of Revenue 319.3% 467.5% 382.2%
3. Interest Payable and Finance Costs
Unaudited Unaudited Audited
6 Months to 6 Months to 12 Months to
31 May 2025 31 May 2024 30 Nov 2024
£000 £000 £000
Revolving Credit Facility interest payable - (234) (551)
Other interest receivable 16 - -
Other interest payable - - (132)
Lease interest expense - - (2)
Total finance income/(costs) 16 (234) 685
Interest in the Condensed consolidated statement of comprehensive income is
total finance costs.
The Revolving Credit Facility interest payable is in respect of the Santander
facility.
4. Profit and loss on Discontinued Operations
Group financial information for 1H25 is set out below for the disposal group.
1H24 comparative information in the Financial Statements has been adjusted to
reflect the revised split of activities between continuing and discontinued
operations.
Norway Disposal
Unaudited Unaudited Audited
6 months to 6 months to 12 months
31 May 31 May to 30 Nov
2025 2024 2024
£000 £000 £000
Revenue - - 1,644
Expenses - - (2,474)
Loss before tax - - (830)
Taxation on operations - - -
Loss after tax of discontinued operations - - (830)
Net outflow from operating activities - - (461)
Net cash outflow from investing activities - - (161)
Net cash inflow from financing activities(1) - - 501
Net cash outflow from discontinued operations - - (121)
(1) Adjusted for IFRS 16
Assets and liabilities of disposal group disposed of
Unaudited as at 31 May 2024 Audited as at 30 November 2024
Unaudited
As at 31 May 2025
£'000 £'000 £'000
Assets disposed of / (Nov 23: classified as held for sale)
Property, plant and equipment - - 912
Intangible assets - - 62
Inventory - - 417
Cash - - 384
Trade receivables - - 557
Other receivables - - 81
Total assets of disposal group held for sale - - 2,413
Liabilities directly associated with assets disposed of / (Nov 23: classified
as held for sale)
Trade payables - - (728)
Lease liabilities - - (385)
Other payables - - (779)
Total liabilities of disposal group held for sale - - (1,892)
Australian Disposal
Unaudited Unaudited Audited
6 months to 6 months to 12 months
31 May 31 May to 30 Nov
2025 2024 2024
£000 £000 £000
Revenue - - 22,183
Expenses 17,095 - (23,842)
Profit/(Loss) before tax 17,095 - (1,659)
Taxation on operations - - 703
Profit/(Loss) after tax of discontinued operations 17,095 - (956)
Net cash outflow from operating activities - - (1,565)
Net cash inflow / (outflow) from investing activities 14,949 - (143)
Net cash outflow from financing activities(1) - - (578)
Net cash inflow / (outflow) from discontinued operations 14,949 - (2,286)
(1) Adjusted for IFRS 16
Assets and liabilities of disposal group disposed of
Unaudited as at 31 May 2024 Audited as at 30 November 2024
Unaudited
As at 31 May 2025
£'000 £'000 £'000
Assets disposed of / (Nov 24: classified as held for sale)
Property, plant and equipment - - 933
Intangible assets - - 4,648
Deferred Tax - - 981
Inventory - - 29
Cash - - 1,081
Trade receivables - - 1,424
Other receivables - - 870
Total assets of disposal group held for sale - - 9,966
Liabilities directly associated with assets disposed of / (Nov 24: classified
as held for sale)
Trade payables - - (2,867)
Deferred tax liability - - (576)
Lease liabilities - - (770)
Other payables - - (1,647)
Total liabilities of disposal group held for sale - - (5,860)
5. Earnings per share
Basic (loss)/profit per share is calculated by dividing the loss or profit
attributable to shareholders by the weighted average number of ordinary shares
in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called
upon to issue shares that would decrease earnings per share or increase the
loss per share. For a loss-making company with outstanding share options, net
loss per share would be decreased by the exercise of options. Therefore, as
per IAS33:36, the antidilutive potential ordinary shares are disregarded in
the calculation of diluted EPS.
Reconciliation of the loss and weighted average number of shares used in the
calculation are set out below:
Unaudited Unaudited Audited
6 months to 6 months to 12 months
31 May 31 May to 30 Nov
2025 2024 2024
£000 £000 £000
Profit/(Loss) for the period 16,245 (1,279) (4,924)
Loss for the period from continuing operations (850) (1,279) (3,138)
Profit/(Loss) for the period from discontinued operations 17,095 - (1,786)
Loss attributable to shareholders 16,245 (1,279) (4,924)
698 363 1,144
Add exceptional items
(Less profit)/Add loss from discontinued operations (17,095) - 1,786
Amortisation - 11 18
Adjusted loss attributable to shareholders (152) (905) (1,976)
EPS Pence
Basic EPS(1) (1.7p) (2.2p) (5.4p)
Basic EPS from discontinued operations(2) 34.3p - (3.0p)
Total basic EPS attributable to ordinary shareholders(3)
32.6p (2.2p) (8.4p)
Adjusted basic EPS(4) (0.3p) (1.5p) (3.4p)
Diluted EPS from continuing operations(1) (1.7p) (2.2p) (5.4p)
Diluted EPS from discontinued operations(2) 34.3p - (3.0p)
Total diluted EPS attributable to ordinary shareholders(3)
32.6p (2.2p) (8.4p)
Adjusted diluted EPS(4) (0.3p) (1.5p) (3.4p)
Weighted average shares 49,852,457 58,610,072 58,610,072
Weighted average diluted shares 49,852,457 58,610,072 58,610,072
Closing number of shares as at 31(st) May 2025 = 43,597,018
(1)Basic and diluted EPS from continuing operations is the loss for the period
divided by the weighted average shares and weighted average diluted shares
respectively. None of these losses are attributable to non-controlling
interests.
(2)Basic and diluted EPS from discontinued operations is the (loss)/profit for
the period less the amounts attributable to non-controlling interests divided
by the weighted average shares and weighted average diluted shares
respectively.
(3)Total basic and diluted EPS attributable to ordinary shareholders is the
sum of (losses)/profits from continuing and discontinued operations less the
amounts attributable to non-controlling interests, divided by the weighted
average shares and weighted average diluted shares respectively.
(4)Adjusted basic and diluted EPS is the loss for the period from continuing
operations before exceptional expenses, exceptional interest and share based
payments, divided by the weighted average shares and weighted average diluted
shares respectively. None of these losses are attributable to non-controlling
interests. This is a non-GAAP measure.
6. Other capital reserves
Foreign
Listing Reverse exchange Share Capital Total
Cost acquisition translation option redemption capital
Reserve Reserve reserve reserve reserve reserves
£000 £000 £000 £000 £000 £000
At 31 May 2024 (219) (3,317) 200 309 26,120 23,093
Foreign Exchange Translation - - (32) - - (32)
At 30 November 2024 (219) (3,317) 168 309 26,120 23,061
Foreign Exchange Translation - - (32) - - 24
Return of Equity - 3,317 - - (23,833)
At 31 May 2025 (219) - 136 309 2,288 2,514
· Listing cost reserve
· The listing cost reserve arose from expenses incurred on AIM
listing.
· Reverse acquisition reserve
· The reverse acquisition reserve relates to the reverse
acquisition of Bigblu Operations Limited (Formerly Satellite Solutions
Worldwide Limited) by BBB plc (Formerly Satellite Solutions Worldwide Group
plc) on 12 May 2015. As at the end of May 2025 the balance was reduced based
on the return of value to shareholders in May 2025.
· Foreign exchange translation reserve
· The foreign exchange translation reserve is used to record
exchange differences arising from the translation of the financial statements
of foreign operations.
· Share option reserve
· The share option reserve is used for the issue of share options
during the year plus charges relating to previously issued options.
· Capital Redemption reserve
· The capital redemption reserve relates to the cash redemption of the
bonus B shares issued in order to return c.£26m to ordinary shareholders and
have been reduced based on the return of value to shareholders in May 2025
7. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed within
the financial statements or related notes.
Management charges from Parent to the other Group companies
No such transactions exist in the Group.
8. Intangible assets recognised in a business combination
Intangible assets acquired in a business combination and recognised separately
from goodwill are initially recognised at their fair value at the acquisition
date.
Amortisation is charged to profit or loss on a straight-line basis (within
administration expenses) over the estimated useful lives of the intangible
asset unless such lives are indefinite. These charges are included in other
expenses in profit or loss. Intangible assets with an indefinite useful life
are tested for impairment annually. Other intangible assets are amortised from
the date they are available for use. The useful lives are as follows:
• Customer Contracts - 2 years
• Intellectual Property - 3 years
9. Availability of the Half Year Report
A copy of these results will be made available for inspection at the Company's
registered office during normal business hours on any weekday. The Company's
registered office is at C/O Arch Law Floor 2, 8 Bishopsgate, London, EC2N 4BQ.
The Company is registered in England No. 09223439.
A copy can also be downloaded from the Company's website at
https://www.bbb-plc.com (https://www.bbb-plc.com)
Ultimate Controlling Party Note
No one shareholder has ultimate control over the business.
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