Confidence in London-based specialist satellite operator Avanti Communications has again been dented. October 17th and 18th saw significant movement in its share (1.46 million on 17th and 790,000 on 18th, when the normal trading would be 40,000-60,000 per day).
October 19th saw Avanti’s share price hit an all-time low of just 6.51 pence (£0.0651) and a mid-point of 6.55 pence, representing a 4.8 per cent fall on the day.
Avanti’s fall from grace is dramatic. Back in 2011 a share was worth £7.00. Still bound by massive debts (some £490 million) and now with a market capitalization of barely £10 million, the company’s future rather depends on successful selling of capacity on two upcoming satellites, Hylas 4 and Hylas 3.
Hylas 4 should launch next Spring aboard an Ariane 5 rocket from French Guiana.
Avanti has a somewhat flexible attitude to releasing its half-year and full year trading numbers. For example, its 2017/1H results were issued on Feb 28th. Therefore its ‘follow-on’ 6 months numbers or trading update are some 3 months overdue. Sources at Avanti say their latest numbers should appear before the end of November.