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20 Jan 2021 | 09:09

Rural Broadband Solutions grows customer base following reverse transaction

(Sharecast News) - Internet services provider Rural Broadband Solutions said on Wednesday that its customer base had grown since the company came into being by virtue of a reverse transaction in October 2020. Rural Broadband, which had a customer base of over 2,300 in October, said it had grown that figure to 2,500 connections by the start of January 2021, averaging an additional 25 new sign-ups per month without having yet started to implement its gigabit network.

The AIM-listed group also noted that remains confident that its organic target of 5,000 monthly paying customers within 36 months following admission will be achieved.

Chief executive Keith Harris said: "We are seeing more and more isolated clusters and dispersed properties across the UK which would never be viable or sustainable to receive a Fibre to the Premises (FTTP) solution.

"The Government's reduction in Broadband funding from £5.0bn to £1.2bn over the next five years will only accelerate these forgotten communities. Of the £1.2bn, at least £250.0m has been earmarked for a continuation of a similar Rural Voucher Scheme with a likelihood of higher voucher values. This is good news for an innovative company like us that specialises in this field."

As of 1130 GMT, RBBS shares were untraded at 4.75p.
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