Avanti Communications results launch shares upwards

AIM-listed satellite communication firm Avanti Communications (LON:AVN) has reported for the 18 months to 31st December as it shifted its financial year to run to the end of the calendar year. The firm’s revenues for the period were largely comparable to the prior year on a pro-rata basis, but management said that trading during the first 12 months was extremely slow before business picked up in the last half year.

CEO Kyle Whitehill commented: “We can look forward to a positive future. We have an enviable network of assets, demand in our coverage is growing and the actions taken in the last 12 months to re-focus the business and to bring in new commercial talent to the executive team should bring rewards in the near term“.

Avanti’s shares climbed by 13.36% to 1.84p (as of 12:25 BST).