London-based satellite broadband supplier Avanti Communications reported its first-half numbers and declared widening losses ($48.1 million vs $41.8m in the same period a year ago). However, revenues were markedly up (24 per cent) from $25 million to $31.1 million.
Avanti also reported that they had raised an extra £60.6 million ($90.7m) in new capital via a 28.9 million share issue at £2.10 a share which will help build and launch its important Hylas-4 satellite, now under construction.
“A material increase in revenue in the third quarter of 2015 is visible driven by contracts that have recently been awarded,” the company said. “Full year organic growth expectations before the negative impact of FX translation, are underpinned by a combination of the expected growth in Q3 and contracts that are still to be finalised, but are currently well progressed in Avanti’s order pipeline,” it added.
Avanti already has in place shareholder permissions to raise further cash by means of high-yield bonds up to $125million, and the extra cash raised means that Hylas-4 is fully funded.