Avanti Communications posts narrower first half loss

For the six months to the end of December 2015, the loss narrowed to $45.5m (£31m) from $48m, on largely flat revenue of $31m compared with $31.1m in the same period a year earlier.

Avanti won $40m of contracts mainly with government and large telecoms customers in the second quarter, which it reckons will make a strong contribution to second half revenue.

The company said its expectations for 50% growth in continuing revenue at constant currency in the full 2016 financial year are supported by recent order wins.

Chief executive officer David Williams said: “Our growth prospects are supported by both our recent order wins and a very strong pipeline of near term opportunities that are in advanced stages of negotiation.

“Avanti is strongly capitalised with more than adequate cash headroom. In a pioneering market, the combination of a good product, good customers and a fully funded model assures us that Avanti has a successful trajectory ahead.”

At 1230 GMT, Avanti shares were down 9.8% to 124.50p.