31st May 2019 11:46
LONDON (Alliance News) - Avanti Communications Group PLC on Friday reported revenue growth in the first quarter of its current financial year and said it is on track to achieve targeted annual savings.
The satellite data communications services provider said revenue in the three months to the end of March rose to USD14.3 million compared to USD12.8 million reported for the final quarter of 2018.
Avanti highlighted that its cost optimisation project has started well, and it is well placed to achieve the savings targeted for the full year, which should result in a positive earnings before interest, taxes, depreciation, and amortization in 2019.
In the first quarter, Ebitda totalled USD4.6 million.
The company changed its financial year to be the same as calendar, while previously it was ending on June 30.
However, on Tuesday, Avanti said it will not be in a position to publish its financial results for the 18 month period to the end of December 2018 until on or around June 7, as previously expected.
Avanti shares were trading 2.5% lower on Friday at 1.61 pence each.
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