LONDON (Alliance News) - Avanti Communications Group PLC said Friday its "current activity levels and pipeline" give it confidence of seeing a growth in bandwidth revenue in the final quarter of 2018.
Shares in Avanti Communications were up 3.5% Friday morning at 3.00 pence each.
The satellite operator and wholesale broadband seller also said its recently signed contracts "underpin significant growth" in core bandwidth revenue for 2019.
Avanti had a backlog of USD164.6 million at September 30.
For the quarter ended September 30, Avanti's revenue was USD10.8 million. The quarter represents the company's fifth quarter ahead of the 18 month period ending December 31 - which is now the end of the firm's financial year, having changed from June 30.
Avanti has also signed an agreement to extend its existing super senior facility to USD152.5 million from USD132.5 million, with USD118 million drawn. Avanti said the additional USD34.5 million is to support the company going forward.
Avanti's cash at period end was USD13.3 million.
In September, Avanti secured a seven-year wholesale capacity lease contract worth USD84 million over the period. The satellite operator did not name the partner, but said it is an international satellite service provider.
Avanti expects to receive USD12 million per annum in quarterly instalments for the duration of the agreement.
In June, the company partnered with Comsat Inc, which supplies satellite communications services to the US Department of Defense and US government.
Under the seven-year deal, the UK satellite operator will gain immediate access to US governmental and military activities.
