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Rural Broadband Solutions PLC on Monday reported a widened loss as its funding advisor Investec Bank PLC continues to progress with infrastructure fundraising.
For the financial year ended on December 31, pretax loss widened to £1.2 million compared to £720,000 a year ago, as administration fees and expenses rose to £1.8 million from £769,000. Revenue was up 16% to £900,000 compared to £760,000.
Its cash balances were up to £1.4 million, bolstered by the £1.7 million fund raise which took place a few weeks before the year end.
Monthly fee-paying clients at May 14 totalled 2,851, up from 2,348 as at December 31.
Chair Keith Harris said: ‘We are encouraged and excited by the planned expansion of our services and by the potential for the company borne from the existing and growing size of the rural broadband market. We are also encouraged by the ever increasing demand within the UK for nationwide fast and reliable broadband.’
In December 2021, the Isle of Man, UK-based broadband provider appointed Investec Bank PLC as infrastructure funding advisor.
‘Investec continues to progress an infrastructure fundraising process to finance both ultrafast and gigabit capable broadband build out from both existing and new markets’, Rural Broadband noted. It expects to conclude this process during the summer.
Looking ahead, the company remains on track to achieve the progress its seeking throughout this year and beyond.
Rural Broadband Solutions were untraded on 10 May at 2.54 pence each in London.
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