Avanti Communications narrows losses as it works towards positive earnings
Satellite data communications provider Avanti Communications Group reported adjusted revenues of $30.2m (£24.72m) in its first half results on Wednesday, rising from $25.6m year-on-year.
The AIM-traded firm said its EBITDA for the six months ended 30 June was in line with company budget at an adjusted loss of $4.7m, narrowing from the $17.4m loss it booked a year earlier.
Its board maintained its full-year 2019 positive EBITDA guidance, with further material growth expected in 2020.
On the operational front, the company said its backlog increased 80% to $156.4m as at 30 June, including 1.8Ghz of capacity sold to Turksat.
Post-period end, the firm also successfully launched ‘HYLAS 3’, and completed a new 1.5 lien credit facility.
“The steady progress in the first half of 2019 has set the foundations for the remainder of the year,” said Avanti Communications chief executive officer Kyle Whitehill.
“We expect to see a material contribution from government bandwidth opportunities in the second half of 2019.”