Avanti revenues improve, results delayed

Satellite data services provider Avanti Communications saw revenues move ahead in the first quarter of its trading year, keeping the group on target against internal plans.

Revenues for the three months ended 31 March came to $14.3m, up from the $12.8m recorded a year earlier, while EBITDA was $4.6m. Cash balances at the end of the quarter were $16.3m and Avanti also had a period end backlog of $164.3m.

Avanti assured investors that trading was on target to meet its internal plans, with its previously announced cost optimisation project starting "well".

The AIM-listed company said it was "well placed to achieve the savings targeted for the full year", which should result in a positive EBITDA from its bandwidth business in 2019.

Avanti revealed earlier in the week that it would not be in a position to publish its audited financial results for the 18 month period to 31 December until 7 June and as a result, it would not be possible for its accounts to be laid at its AGM on 24 June.

As a result, Avanti will hold a separate general meeting, to be convened as soon as possible after its AGM.

As of 1000 BST, Avanti shares had slipped 2.53% to 1.61p.