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Hi Dan. Here is some some news.
Full article here https://spacenews.com/after-downsizing-avanti-focusing-on-fleet-fill-rate-mulls-small-geo-satellites/
WASHINGTON — British satellite operator Avanti has no plans to relist on public markets anytime soon, focusing instead on streamlining costs while finding customers for its underutilized fleet of three satellites and two payloads.
Avanti removed itself from the London Stock Exchange in September 2019, saying the regulatory costs outweighed the benefits of being a publicly traded company.
Avanti was beginning to execute a new business strategy that focused on selling satellite capacity to other operators and the U.S. government instead of consumer broadband customers, a shift that was beginning to turn around five years of declining revenues.
In an interview, Avanti CEO Kyle Whitehill said that the company has cut operating costs by shedding 25% of staff since delisting, reducing the company to 240 employees.
“We still have a great business with significantly less people,” Whitehill told SpaceNews. “We had a lot of people deployed against hoping we could generate revenue in some areas, rather than putting our people into where we are generating revenue.”
Whitehill said the lower headcount, coupled with renegotiated equipment contracts, enabled the company to lower capacity prices and compete more effectively across its primary markets of Africa, Europe and the Middle East.
Avanti is now focused on increasing the fill rate on its Ka-band fleet of five satellites from 48% to around 70-80%, Whitehill said, which would be comparable to the fill rates of leading fleet operators Intelsat, SES, and Eutelsat.
Avanti’s fleet-wide fill rate has lagged behind industry norms, despite its oldest offerings being fully booked. Over the past year, Avanti increased its fleet utilization rate by courting mobile network operators in South Africa, Sudan, Nigeria, Ghana and Kenya that use the company’s satellites to backhaul cellular data in lieu of fiber transport, Whitehill said. Avanti also increased its focus on selling to the U.S. military, he said, working with Florida-based Comsat to make inroads into the defense sector.
Avanti is leasing all the capacity on its Hylas-1 satellite and its Hylas-2B payload to customers Whitehill declined to name.
The company is refocusing Hylas-2 on the Middle East, and using its largest satellite, Hylas-4, for connectivity services across Africa, he said.
Avanti’s newest capacity comes from Hylas-3, a hosted payload with eight steerable beams that launched in mid-2019 as part of Airbus and the European Space Agency’s EDRS-C satellite. Whitehill said the beams are pointed over the Middle East, but that Avanti has yet to start service with them because the coronavirus pandemic has prevented the company from traveling to the region.
Whitehill declined to state Avanti’s total revenue, but said capacity sales doubled from 2018 to 2019,
Well, our company is still alive and kicking. With the much reduced costs, even the smallest good news and revenue will have a very positive effect.
I am staying for the ride upwards. At the time of the delisting I did expect a big consolidation to remove the small fractional shareholders and then some kind of corporate action eventually leading to a re-listing or new company. So far nothing. The bond holders who stumped up did so because of the expectation of a return. Share trades have increased it seems, I expect the accounts to have some good news, not long to wait now. You could check companies house site if you have registered?
I am with II and this morning they sent me a notification for the upcoming AGM scheduled for 28 September.
There are the usual AGM resolutions including BDO being approved as auditors.
As a Avanti shareholder, I am being asked to approve the 31 December 2019 accounts which I have not yet seen.
There may be a possibility that the Phoenix rises from the ashes. I suppose that it can’t really get any worse now for loyal shareholders that supported them.
I'm waiting for their accounts to be filed - Companies House deadline is 30 September for Y/E 31/12/19.
No clues on their website - but it gets updated which at least it indicates they are still in business!
Does anybody know how Avanti is doing now?
Not sure if anyone else spotted this, but looks like KPMG had to resign as auditors as Avanti couldn't afford to pay them anymore......
Correct, but you missed the point.
Leo sat never had any satellites so were not an operator and only had 12 staff.
Its relieving to know that Avanti are still managing to keep their heads above water,
even in these difficult times.
Though its been delisted, and close to its last breath, (its a wonder how its survived this long
with all its goings on and failing to deliver etc,) it is refreshing to realise through reading their website
that the fundamentals of AVN. are still very strong, and sought after
and proves there is still life left yet-in this old dog.
As a very long term investor here, I eagerly await in anticipation of things to come
should the satellite market ever change....
"The economics simply didn’t make sense. Indeed, looking back it might make a terrific case study of how not to do things.”
Seem to remember a few of us making this exact point at the time. Can't remember getting too many 'thumbs up' on those posts........;-), LOL (There you go Dan, done both, just for you)
First casualty of note was LeoSat several months back.
First casualty of the LEO operators, Oneweb has filed for bankruptcy can't say I'm surprised, feel bad for the staff. https://www.zdnet.com/article/coronavirus-spacex-internet-beaming-rival-oneweb-files-for-bankruptcy-over-covid-19/
The demand for Avanti services is now evident globally.
It can only continue to recover and help everyone else do so as well.
Interesting article cheap, I think part of DW's problem was he was an ex banker, did great to get the finance in place but wouldn't negotiate on price which alienated the co from the market in some respect. Now the deals are going through at a much lower rate per MHZ, as is the case with the industry as whole. One thing seems clear though Avanti seems to be here to stay.
Also interesting words in here:
Whitehill says the company has reversed most of the previous management’s policies. “My view disagreed with the philosophy used by the previous occupier of this seat which was to bring this new technology to the market with high-throughput data services. There’s nothing fundamentally wrong but if you are bringing a new technology to a market with a total $1.3 billion of investment, you have to have scale. That scale and revenues, EBITDA and profitability have to be sufficient to pay back shareholders. That is clearly where the problem was. The economics simply didn’t make sense. Indeed, looking back it might make a terrific case study of how not to do things.”
Full article: http://www.satnews.com/story.php?number=1334484832
Hi Dan, Some reading for you from AVN CEO:
By the end of 2019 we had doubled our revenues year on year and we have set ourselves ambitious targets for 2020. We have moved from a pure broadband strategy, to a wholesale model serving defense, industry and carrier players. Over the next three to four years we shall continue to sweat our existing assets, increase our EBITDA position and look at increasing our capability through new satellite technology and partnerships.
Read full interview here:
Nothing gets past that hawk MTB.
The post was to remind everyone of the facts, notwithstanding the delisting, there is still an organisation with huge contribution(s). I miss the ;0) signature at the end but LOL will do for now.
Great copying and pasting Dan. Seriously, what value is that actually adding to this Board? Unless you've just beenb appointed to the Board - talk about last nail in the coffin - LOL!
Avanti is a British based company founded in 2002 with an audacious vision; to design, build and launch pioneering satellite technology that would provide ubiquitous connectivity even in the most remote or demanding locations.
Today we have the power to connect over 1.7 billion people across 118 countries with a belief that everyone should have an equal opportunity to be more secure, empowered and prosperous. With over $1.2 billion invested in the HYLAS, our pioneering high-speed satellite technology, local expertise and entrepreneurial culture, we connect people, communities and countries to new opportunities across Europe, the Middle East and Africa.
But it’s not just about connectivity. It’s what you do with it that matters. That’s why on the ground, where the greatest challenges lie, we work together with like-minded people and organisations to develop innovative partnerships that deliver better opportunities and even brighter futures. From educating over 300,000 children in Africa to providing connectivity in refugee camps, we provide vital connectivity when and where it’s needed most.
MTB, yep but I am surprised the company hasn’t gone under yet and is still operating with ongoing losses. I’m keen to see what happens because clearly some have faith in a miracle here
No requirement to provide info to investors. They cannot force you to sell, no, but I think that's a moot point as I don't think there's anyone who wants to buy them anyway!
Now AVN aren’t a listed company will they have to provide any financials to their investors?
Also, SS how are they able to wipe out small investors. If you chose not to sell shares then they cannot force you in to this?