4 Jul 2017 07:59
Avanti Communications Group plc
Trading Update
Avanti Communications Group plc, a leading provider of satellite data communications services in Europe, the Middle East and Africa (EMEA), announces a trading update for the financial year ended June 30th 2017.
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Revenues for the fourth quarter rose to in excess of $16 million resulting in total sales for the year of approximately $62 million. As indicated in the Company's Q3 statement announced on 31 May 2017, a number of projects to sell spectrum are progressing well but have not closed in time to impact the final quarter.
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In addition, Avanti announces today the award of a new 3 year contract worth up to $21 million to deploy several hundred services to government sites across Africa with an existing government customer. This, in addition to recent announcements of Mobility, 5G and broadband orders and a strengthened balance sheet creates a positive outlook for the new financial year.
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This announcement contains inside information.
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--ENDS--
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For further information please contact:
Avanti: Nigel Fox / David Williams +44 (0) 207 749 1600
Montfort: Nick Miles / James Olley, +44 (0)203 770 7909
Redleaf: Lara Pyliotis, +44 (0)207 382 4763
Cenkos Securities: Max Hartley (Nomad) / Julian Morse, +44 (0)207 397 8900
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Notes to Editors
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About Avanti Communications
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.
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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.
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The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.
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Avanti has a unique Cloud based customer interface that is protected by patented technology.
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Avanti Communications is listed in London on AIM (AVN:LSE).
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www.avantiplc.com
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