5th Mar 2015 07:56
LONDON (Alliance News) - Satellite communications company Inmarsat PLC on Thursday reported stronger profit and revenue in 2014 on the back of growth in its maritime, aviation and LightSquared business, which offset weakness in its government and enterprise divisions.
The company said pretax profit for the year was USD342.8 million, up from USD189.1 million last year, boosted in part by higher revenue and also by the non-recurrence of a USD185.2 million impairment charge it booked in 2013.
Revenue increased to USD1.29 billion from USD1.26 billion, pushing up earnings before interest, depreciation, taxation and amortisation to USD701 million against USD648.8 million last year.
Inmarsat registered revenue growth in its maritime, aviation and LightSquared divisions, which offset weakness in its government and enterprise units.
The company said it intends to pay a final dividend of 30.26 cents per share, up from 28.82 cents a year earlier, pushing its total dividend to 48.94 cents, up 5% year-on-year.
"2014 was a year of solid delivery for Inmarsat and also a year in which we took major steps towards delivering the compelling growth opportunities that will transform our business," said Chief Executive Officer Rupert Peace.
"We expect 2015 to be another year of building for the medium-term, with continuing steady growth in L-band in all our businesses except Government, particularly in the US, and benefiting from some early stage GX revenues," Peace added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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