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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
FTSE 100 dividends: where to find the best yields for UK equities
FTSE 100 dividend forecasts have plateaued but investors can still find good yields in UK equities with payments expected to reach £78.6bn in 2024
By Katie Williams Published
-
Will the R&D tax credit change in the Autumn Budget?
Will Labour revise state help designed to foster R&D in the upcoming Autumn Budget?
By David Smith Published