Avanti: Losses deepen
September 16, 2014
By Chris Forrester
London-based satellite operator Avanti Communications reported an increased loss of $87.7 million ($58.88m, a year ago).
Revenues expanded from $32.12 million a year ago to $65.62 million for the year to June 30. Backlog also fell back from $445 million a year ago to $430 million now.
Avanti had some $195 million cash at hand at year-end. Chairman Paul Walsh said it had been a good year. “Revenues doubled and the company generated positive EBITDA for the year. New business was signed with major international telecoms and media companies. The company succeeded in financing a new satellite on attractive terms which offers shareholders a major growth opportunity. We are building a business that can potentially generate over $700 million in revenues and over $500 million EBITDA annually if the current fleet is filled. The achievements of the year clearly show that Avanti is capable of achieving this ambitious growth in time.”
Avanti has acquired Hylas 4, which will supply 28 GHz of capacity in Ka-band via a number of spot beams over Africa and Europe. It should launch in April 2017.