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Inmarsat Q3 revenue up 7%

November 29, 2022

By Chris Forrester

Inmarsat’s has reported its Q3 numbers with revenue up 7 per cent, and EBITDA up 17 per cent, compared to the same period last year.

The high spot in its list of positive growth segments came from its In-Flight broadband and communications division which, while not the largest revenue earner, came in with 33 per cent growth compared to 2021. Indeed, Inmarsat said that its three aircraft-related segments (In-Flight Communications, business aviation and cockpit services) all saw growth.

Inmarsat’s solid Government vertical saw revenues of $132.1 million (up 4 per cent) although its ‘international’ portion saw much better growth at 13 per cent and helped by its growing Global Xpress (GX) connections.

Maritime was also healthy with $128 million of revenue for the quarter, up 2.4 per cent. Inmarsat said this was the seventh quarter of year-on-year growth for Maritime, and helped by some 13,000 vessels equipped with its kit.

Inmarsat is now privately held but reminded the industry that this is the 6th successive quarter-year of growth. It expects 2022 to continue on a growth trajectory.

“We are building momentum and are confident that revenues and EBITDA will be stronger for the full year 2022 compared to last year. Our focus on cost discipline remains undimmed, while in parallel we continue investing to strengthen the GEO satellite and ground components of our core ORCHESTRA network. We are carefully managing the supply chain disruptions affecting the satellite communications sector and other industries. Component availability for our Maritime business is showing early signs of easing, but the overall situation remains challenging,” stated the company.

The satellite operator is in the process of being acquired by Viasat of California, subject to regulatory approval.

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