BBB’s H1 25 results show a strong performance from the continuing operations, and alongside a confident outlook, we upgrade our FY25E and FY26E revenue and adjusted EBITDA. H1 25 revenue growth of +31% yoy to £0.33m has been driven by +67% yoy growth to £0.20m from Starlink in the UK and Europe, following launch of the solutions in H1 24. H1 25 adjusted EBITDA of -£0.15m demonstrates a strong improvement from -£0.61m in H1 24, where management has successfully reduced continuing opex by 54% from ....
