Australia-based (and quoted) Speedcast’s rapid expansion over the past few years has badly hit the buffers. The satellite capacity and transmission company has issued a profits warning and let its CEO go.
CEO Pierre-Jean Beylier has resigned from the business ahead of what are expected to be poor 2019 results. Beylier was initially head of sales and marketing, and appointed CEO in 2004.
The company’s expansion has been meteoric. Founded in 1999 and with AsiaSat becoming a major shareholder in 2000, the business has mopped up more than a dozen other satellite transmission entities, including Geolink, Newsat, ST Teleport and (formerly) Eutelsat’s WINS.
The company was listed on the Australian Stock Exchange in 2014. Its share price has fallen by some 73 per cent from around A$3.85 earlier last year to just A$0.79. Trading was suspended in its shares on February 3rd.
In an announcement to the Australian Stock Exchange the company said its Full Year 2019 results would be some 10 per cent lower than previous guidance. The company’s note added that it was now reviewing the potential sale of non-core assets in order to reduce debt.