Avanti upbeat despite slow spectrum sales

Satellite data communications services provider Avanti Communications Group updated the market on its trading for the financial year to 30 June, ahead of its final results.

The AIM-traded firm said revenues for the fourth quarter rose to more than $16m, resulting in total sales for the year of approximately $62m.

As the board had reported in its third quarter statement at the end of May, a number of projects to sell spectrum were progressing well but had not closed in time to impact the final quarter.

“In addition, Avanti announces today the award of a new three-year contract worth up to $21m to deploy several hundred services to government sites across Africa with an existing government customer,” the board said in a statement.

“This, in addition to recent announcements of mobility, 5G and broadband orders and a strengthened balance sheet creates a positive outlook for the new financial year.”