Avanti Posts Revenue Gain In Last Half Of 2007, But Records Loss
[Satellite Today – 2-1-08] Avanti Communications reported a 60 percent increase in revenues for the six-month period that closed at the end of December, the company announced Jan. 31.
The company recorded revenues 2.5 million British pounds ($5 million), compared to 1.5 million pounds ($3 million) in the final six months of 2006. However, while the revenue figure was strong, the operator suffered a loss before tax of 800,000 pounds ($1.6 million) in the last half of 2007, compared to a profit of nearly 22 million pounds ($43.7 million) in the same period a year ago.
Avant also said it has closed an insurance deal and has enough cash on hand to operate through the launch of the Hylas satellite in 2009. The operator has 40.2 million pounds ($70.9 million) in cash available to fund operations until the launch as also completed the placement of an insurance policy covering launch and the first year of in-orbit operation.
Hylas, a Ka-band satellite, will provide broadband and data communications services to European customers in 22 countries and expected to be launched using a SpaceX Falcon 9 before the end of 2009.