Satellite Solutions H1 turnover up as customer base grows

AIM-listed Satellite Solutions reported a rise in first-half turnover as its customer base surged following a series of acquisitions.

In its unaudited interim results for the six months to the end of May, the company said turnover rose 78% to £5.7m from £3.2m in the first half of last year, while like-for-like organic recurring revenue was up 17% to £2.7m.

Average revenues per user increased to £40.06 from £36.16 and its customer base rose to 74,500 following the acquisitions of Avonline, Breiband and SkyMesh.

Chief executive officer Andrew Walwyn said: "Following the recent funding and acquisition activity we now have a profitable, cash generative foundation for organic and acquisitive growth throughout our target markets in Europe and Australasia. The company's global customer base now stands at 74,500, an increase of 680% since prior to listing, a reflection of the progress we have made in a short time with support from BGF and many of the UK's top institutional investors.

"The company's strategy is clear; to continue growing customer numbers, both through organic means and through carefully selected cash generative acquisitions. With the investment in core systems, infrastructure and people to support this growth, the company has become one of the largest satellite broadband providers in the world and is firmly on course to achieve its target of 100,000 customers by the end of 2017."

At 1240 BST, Satellite Solutions shares were up 3.5% to 6.86p.