Avanti Communications boosted by new deals
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AIM-listed satellite communications firm Avanti Communications (LON:AVN) signed two new contracts with a combined value of $94 million during the three months ended 30th September, as well a master distribution agreement that gives it access to the US Government. However, the company’s revenues for the period were $10.8 million and it booked a $10.6 million EBITDA loss for the quarter.
Following a successful arbitration with the Indonesian Government, Avanti received a full settlement of $20.1 million in August. The firm’s management said that current activity levels gave confidence that bandwidth revenue growth in the final quarter of 2018 should be strong and the signed contracts provide improved visibility for 2019.
Avanti Communications’ share price rose by 3.45% to 3p (as of 10:40 GMT).
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