LONDON (Alliance News) - Avanti Communications Group PLC on Thursday said its revenue in the first quarter was in line with guidance as it signed 22 new contracts over the period.
The satellite operator said its revenue in the first quarter to the end of September was USD15.5 million, in line with its guidance, with a loss before income, taxation, depreciation and amortisation of USD2 million. The company did not provide a first quarter update last year, so no comparable figures are available.
In the quarter, the company signed 22 contracts across its four operating segments, with a revenue backlog in place of USD420 million at the end of the quarter.
It had cash at the end of the period of USD143.2 million.
"The key to our business now is continuing to sign the highest quality customers who will distribute the products in increasing scale; to support their growth, keep them loyal and ensure that we have strong long term relationships," said Avanti Chief Executive David Williams.
"We do this by focusing on the quality of our product and the way it is delivered by our people, and by maintaining flexibility to unique customer requirements in each local market. If we continue to get this right, strong profitability will follow," Williams added.
Avanti shares were down 1.1% to 267.00 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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