Inmarsat Q3 revenues up but maritime declines
November 8, 2018
Inmarsat, the specialist in global mobile satellite communications, has published its Q3, and nine months, results ended September 30th 2018.
Inmarsat said that Q3 revenue rose 3.7 per cent to $369 million while EBITDA increased 7 per cent to $206.5 million. The company’s aviation revenue, derived from delivering broadband into planes, grew 34 per cent. However, its maritime revenue – its largest segment – saw a 5.7 per cent decline.
Inmarsat said its revenue would be in line with expectations for $1.3 billion in the full year with EBITDA of $610 million.
Rupert Pearce, Inmarsat CEO, commented: “Inmarsat’s improved results continue to reflect the overall strength of our diverse portfolio, which provides balance, operational synergy and protection against individual market cycles. In Maritime, we continue to build a strong market position in the fast-growing, key market segment of the future, VSAT, through Fleet Xpress, which has now established itself as the leading VSAT service for the international maritime market. In the mid-market, the pace of migration to VSAT continues to accelerate and we must continue to work hard to ensure that as many of our FB customers as possible are migrated to FX in the coming years. Both government businesses performed well, reflecting our global leadership position in this sector and highly diversified product portfolio. In Aviation, the major news during the quarter was our strategic alliance with Panasonic, which we expect will greatly accelerate our drive to establish a sustainable global market leadership position in IFC. In addition, we again reported double-digit revenue growth in both our IFC and core businesses in Aviation. Enterprise continued to perform well in its legacy product base, against a tough comparator, while making good progress in establishing strong foundations for future high growth, particularly in the area of satelliteled Industrial IoT”.
“Inmarsat remains at the forefront of our chosen markets, leveraging the strength of our established market position, continuing to deliver an exciting technology roadmap and taking a highly disciplined approach to costs and capital expenditure. As a result, the Group remains well placed to continue delivering medium-term growth in revenue, EBITDA, and free cash flow, ” he concluded