(Alliance News) - Satellite communications equipment provider Global Invacom Group Ltd's shares rose on Thursday after it posted a first half revenue rise, driven by the introduction of new and improved products.
Shares in Global Invacom were up 18% at 6.50 pence each in London on Thursday morning.
In the six months to June 30, revenue was up 30% to USD71.9 million from USD55.4 million and pretax profit rose sharply to USD2.1 million from USD796,000.
In the second quarter alone, revenue rose 27% year-on-year to USD33.7 million from USD26.5 million, Global Invacom said this was due to to an increase in order in take from major US customers. Pretax profit for the second quarter rose by more than a third to USD1.1 million from USD300,000.
During the half, the company's Direct to Home satellite connectivity equipment division secured two contracts worth USD6.0 million from an undisclosed "major Asian satellite service provider".
The company acquired antenna systems producer Apexsat Pte Ltd in June, which along with the October acquisition of electronics firm Skyware Technologies Group, "bolstered the company's electronics capabilities" in the the Data Over Satellite division.
Executive Chair Tony Taylor said: "We have made a strong start to 2019 buoyed by our recent acquisition of Apexsat and good customer traction across our DOS and DTH satellite solutions. Global Invacom has an enviable customer base, a long track record of innovation and service excellence, and a unique and leading position in the industry."
Looking ahead, the company said it will reduce activity at its largest site in China following tariff increases imposed by the US government on Chinese products.