London-based speciality satellite operator Avanti Communications has issued an update for its third quarter’s trading.
Overall revenues were $17.1 million (€15.4m) for the 3 months (or $5.7 per month), of which bandwidth revenues were $15.2 million (or about $5 million per month).
The company’s cash position at the end of September totalled $25.9 million, and the backlog was worth $141 million.
Avanti said trading continues as expected and that it is making progress cutting costs. Annual savings should result in positive EBITDA for the full year’s trading.
However, the results are worrying insofar that Avanti’s backlog at its 6-month trading stood at $156.4 million.
Revenues for the 18-month trading period ending at December 31st 2018 was $73.7 million (or $4 million per month). Revenues for the 12 months to June 2017 were $56.6 million (or $4.7 million per month).