London-based speciality satellite operator Avanti Communications has reported its revenues for the first quarter (to March 31st) were $14.3 million (€12.8m), with an EBITDA of $4.6 million.
The operator ended the quarter with cash in hand of $16.3 million. Avanti has a contracted backlog of $164.3 million, and has recently secured a $55 million extra credit facility.
Avanti will reveal its audited financials (for the 18 months to December 31st 2018) later this week.
The company, in a statement, said: “Trading remains on target against internal plans. The previously announced cost optimisation project has started well, and the Company is well placed to achieve the savings targeted for the full year, which should result in a positive EBITDA from the bandwidth business in 2019.”
Avanti’s AGM is to be held on June 24th but says that it will not be in a position to publish its audited financial results for the 18 month period to December 31st 2018 until on or around June 7th 2019 and, as a result, it will not be possible for the accounts to be laid at the AGM.