Inmarsat Profit Decreases in Q1
Inmarsat released its financial results for the three months ended March 31, 2019, in which profits fell by $326 million. According to the release, this was mainly reflecting a change in the unrealized conversion liability on the 2023 Convertible Bond of $297.9 million, as well as costs relating to the recommended offer for the Group of $17 million. In March. a consortium of private equity companies agreed to buy Inmarsat for $3.4 billion.
Additionally, revenues increased to $346.9 million, compared to $345.4 million in the same period the year prior. This was mainly due to growth in its Maritime and Government segments. EBITDA decreased by $22.5 million, and there was a reported free cash flow of $96.2 million.
“Inmarsat produced a strong underlying performance during the first quarter of the year, building on the positive momentum achieved during 2018. We continue to successfully build and aggressively defend market share in our target markets, supported by our diversified product portfolio, enabling the business to capitalize on the significant growth opportunities in these markets,” said Inmarsat CEO Rupert Pearce.