16th May 2016 11:13
LONDON (Alliance News) - Satellite data communications services provider Avanti Communications Group PLC said two of its board members bought shares as revenue grew in the third quarter of its financial year on Monday.
Chairman Paul Walsh bought 25,000 shares at 89.5 pence each on Monday. The purchase increases his shareholding to 230,000 shares, or 0.2% of the issued share capital.
The company also said Chief Executive Officer David Williams bought 5,434 shares at a price of 91.5p each on Monday. He now holds 1.7 million shares, or a 1.2% stake in the group.
Avanti Communications on Monday said revenue grew in the third quarter of its financial year against the second and it affirmed its full-year guidance.
Avanti said its revenue for the quarter to the end of March was USD19.5 million, up 15% on a constant currency basis against the second quarter of the financial year which ends in June. Avanti affirmed its guidance for revenue in the year to the end of June to grow around 50% year-on-year on a constant currency basis.
The stock was up 2.9% at 88.00p Monday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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