28th Aug 2015 12:44
LONDON (Alliance News) - Inmarsat PLC shares rose on Friday after its third satellite in the Global Xpress network was successfully launched in Kazakhstan.
The FTSE 100-listed satellite communications company's Inmarsat-5 F3 rocket was launched from Baikonur Cosmodrome in Kazakhstan at 1244 BST, with separation of the satellite in orbit expected to take place early on Saturday.
The new satellite is needed to complete the roll-out of Inmarsat GBP1 billion next-generation telecommunications network and will allow the company to offer its customers faster connections at a lower cost.
The last attempt to launch the satellite was delayed and left Inmarsat having to suspend its revenue growth guidance. It is targeting for the introduction of its GX global commercial service by the end of the year.
Speaking to the BBC following the launch, Inmarsat Chief Executive Rupert Peace said the launch of the third satellite will complete a "global seamless network."
Shares in the company surged higher after the rocket's launch, up 3.0% to 963.00 pence in mid-afternoon trading to be the FTSE 100's best performer.
By Sam Unsted; [email protected]; @SamUAtAlliance
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