Avanti provides trading update
July 4, 2017
By Chris Forrester
London-based speciality satellite operator Avanti Communications issued a trading update early on July 4th, and following on from its July 3rd confirmation of its recent debt and financial restructuring.
Avanti says that revenues for the full financial year were “about $62 million”, and adds that “a number of projects to sell spectrum are progressing well but have not closed in time to impact the final quarter.”
Avanti added that it had won a new three-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,” said the statement.
However, the revenue position is well down on that of 2016 ($82.8m) and 2015 ($85.2m).
Avanti does not, in its release, break out its losses for the year, nor identify the operational cash in hand, nor its contracted backlog, nor fleet utilisation.