Preliminary results for year ended 30 June 2007

Avanti Communications Group plc (AIM: AVN), the satellite operator, is pleased to announce its final results for the year ended 30 June 2007.

Key points:

  • Maiden results presented on a pro forma basis
  • Profit before taxation was £20.2 million, loss £3.1 million before exceptional gain
  • Cash £9.6 million (October 1st: £42m)
  • HYLAS satellite procurement on target and on budget
  • Cape Canaveral Falcon 9 launch booked for March 31st 2009 launch
  • Post balance sheet closure of the £32million debt deal in July, meaning that the HYLAS project is fully funded with stable long term finance and £10m headroom to spare
  • Pre-sales activity very encouraging with a pipeline of potential sales of £168m, market demand and pricing moving in our favour
  • New satellite spectrum licenses announced

 

David Williams, Avanti’s Chief Executive, commented:

“These results are in line with market expectations and we have achieved all of the key project milestones for the period.  Avanti is Europe’s first ever Entrepreneur-created Fixed Satellite Services operator, and having broken into a market dominated by multinational or quasi-governmental companies, we now have the corporate structure, focus and resources required to take advantage of what increasingly looks like an outstanding market opportunity.”

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