London-based satellite operator Avanti is issuing 2 million new shares, at the price of just 1p a share, to its employee benefit’s trust. The shares will be awarded to staff as part of the company’s plans for share option distribution.
Avanti has suffered some negative press just lately, not least in the form of how it presented its last set of results to the market.
Moreover, its sales are also under pressure. Its end-of-year (Q4) numbers talk of growing revenues (“up 29.9 per cent, from $65.6 million to $85.2 million”) but critics have stated that this includes a one off $25.1 million transaction between Avanti and SES of Luxembourg. SES has seemingly accounted for this same sum as a ‘sale’ to Avanti, while Avanti shows the sum as revenue.
Quarterly revenues at Avanti have fallen from (Q3) $17.8 million to Q4 at $11.2 million.
The operator’s all-important contracted backlog is also down year-on-year, from $430 million in 2014 to $359.5 million by Q4.