London-based speciality satellite operator Avanti Communications has suffered a bad week on the London stock market. February 18th saw its already struggling share price drop below the psychologically important £1 mark, to 97p. The price represents an ‘all time low’ for Avanti, and reflect a 56 per cent fall since July last year.
The 3.24 percent fall continues a steady drop in value. As recently as October 28th 2015 Avanti’s share price was a much healthier 259p, but the slide has been more or less continuous since that date.
Some highly vocal investors are grumbling about the lack of information coming out of Avanti despite a set of results published on February 4th which showed a 27 per cent growth in revenues for its second quarter (to December 31st). However, the company failed to deliver much extra information by way of new business other than to disclose that a new senior sales executive had been hired.
One published comment, from February 16th, said: “The silence is deafening” and added that the company’s debts were “massive and not going away” and that the Board of Directors were “inactive”. Another complained that the lack of investment back into the company by its directors was also concerning.