20 Dec 2016 09:34
This announcement contains Inside Information
For immediate release
20 December 2016
Avanti Communications Group PLC
Q1 2017 Trading Update
Q1 2017 Trading Update
Following the release today of the Group's audited Preliminary Announcement and $242 million Refinancing and Completion of Strategic Review Announcement, the Group announces its first quarter trading update for financial year 2017. Revenue for the quarter was $18.0m and EBITDA was ($5.0m). The period end cash balance was $43.1m and the period end backlog was $276m. Utilisation of the existing fleet was in the 35% to 40% range, including the full pro-forma impact of significant new customer wins in the period.
Enquiries
Avanti | David Williams, Nigel Fox Tel: +44 20 7749 1600 |
Montfort Communications (PR) | Nick Miles, James Olley Tel: +44 203 770 7909 |
Cenkos Securities (Nomad) | Max Hartley, Nicholas Wells Tel: +44 207 397 8900 |
Notes to editors
Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and more than 180 partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population. Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek.
Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and Ka band spectrum in perpetuity that covers an end market of over 1.7bn people.
The Group has invested $1.2bn in a network that incorporates satellites, gateway earth stations, datacentres and a fibre ring.
Avanti has a unique Cloud based customer interface that is protected by patented technology.
The Group has three satellites in orbit and a further two fully funded satellites under construction.
Avanti Communications is listed in London on AIM (AVN:LSE).
www.avantiplc.com
News type:
RNS
Date:
20 December 2016