14th Aug 2015 08:00
LONDON (Alliance News) - Satellite Solutions Worldwide Group PLC Friday reported a wider pretax loss in the first half of its financial year, despite a rise in revenue, due to the costs of its acquisition of Satellite Solutions Worldwide Ltd.
The satellite broadband service provider reported a pretax loss in the six months ended May 31 of GBP3.8 million, significantly wider than the GBP10,261 loss it posted in the same period the year before, following its purchase of SSWL in May for GBP5.2 million. Revenue grew to GBP3.2 million from GBP2.5 million.
SSW said that since the period end the underlying business has continued to grow organically, adding on average 450 gross new customers per month, and that the loss of customers has started to slow.
Average revenue per user has also continued to grow, which SSW expects to improve further with the forthcoming launch of a pan European VOIP offering, it said.
SSW added that it is involved in talks with a number of potential acquisition targets as part of its industry roll-up strategy.
"The admission of SSW to AIM in May has given us the funding and profile to accelerate our roll-up plans as we drive to become Europe's largest satellite broadband provider. We now have a solid foundation for profitable, cash generative organic and acquisitive growth throughout our target markets in Europe. We are pleased that in addition to the progress we are making with our acquisition strategy, our organic customer sign up numbers are continuing to grow at record pace," Chief Executive Andrew Walwyn said in a statement.
Shares in SSW were trading down 1.7% at 4.30 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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