Avanti upbeat despite slow spectrum sales

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.”