15th Mar 2016 10:45
LONDON (Alliance News) - Satellite Solutions Worldwide Group PLC Tuesday said it has seen a good start to 2016, as it reported a widened pretax loss for its most recently ended financial year.
The company was formed when investing company Cleeve Capital PLC agreed a reverse takeover of Satellite Solutions Worldwide Ltd last May. Its figures compare a fifteen month period to end-November 2015 for the combined group, to the 12 months to end-November 2014 of just Satellite Solutions Worldwide Ltd.
For the fifteen months the company reported a pretax loss of GBP6.0 million, widened from GBP124,074 in the comparative period, on revenue of GBP7.4 million, up from GBP5.5 million, mostly due to higher administrative expenses, listing and acquisition costs, and a GBP2.3 million adjustment on the acquisition of Satellite Solutions.
Satellite Solutions said its subscriber numbers rose to 25,000 from 11,000 in the year, as it undertook four smaller acquisitions during the period. It made two more acquisitions following the year end.
Additionally, after the year end the company signed a deal with BT Group PLC to deliver satellite broadband in the UK under the government's broadband delivery UK scheme, and also signed a number of contracts with French government departments.
"2015 was a pivotal year for SSW, and I am delighted with the significant progress and delivery of milestones in our first year on the market. The admission to AIM in May 2015 gave the funding and profile necessary to accelerate our roll up plans as we drive to become Europe's largest satellite broadband provider," said Chief Executive Officer Andrew Walwyn in a statement.
"I am especially pleased that in addition to organic year-on-year sales growth of 18%, we are firmly on target with our acquisition strategy, allowing us to grow at a record pace. We now have a solid foundation for profitable, cash generative organic and acquisitive growth throughout our target European markets in 2016 and beyond," Walwyn added.
Shares in Satellite Solutions were down 8.5% at 5.26 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Satellite Solutions Worldwide Group