Avanti´s half year losses widen
Satellite operator Avanti Communications has reported widening half year losses for the six months ended December 31st after costs rose more than revenue, year-on-year.
Satellite operator Avanti Communications has reported widening half year losses for the six months ended December 31st after costs rose more than revenue, year-on-year.
Gross losses increased from £0.2m to £2.3m, on revenues of £5.1m (2010: £1.4m). Cost of sales rose from £1.4m to £7.4m.
Pre-tax loss rose slightly from £6.3m to £6.6m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm was naturally keen to focus on the positive, saying: "Sales momentum for HYLAS 1 and 2 is building strongly, with £8.7m of sales booked in December 2011 and £14.0m in January 2012. This gives us confidence that we will fill both satellites within the timescale announced: three years from service launch for HYLAS 1 and the reduced term of four years for HYLAS 2."
The HYLAS 2 satellite is on track for delivery in June of this year, while HYLAS 3 got a boost to its funding through a share placing which raised £75m.
Cash at the end of period fell to £26m, compared to £38.8m the same date a year ago.
The share price fell 0.79% to 283.25p by 10:00.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”