Satellite Solutions Worldwide Group plc (LON:SAT) said it was on track to hitting its full year targets after reporting a 680% increase to its global customer base since admission to AIM.
In its half-yearly report, the satellite technology provider said that its customer base now stood at 74,500, with around 550 new customers per month.
After a period of investment and acquisitions, the company has become one of the largest satellite broadband providers in the world and said it was firmly on target to achieve its target of 100,000 customers by the end of 2017. Churn rate was reported at around 19% a year, in line with group expectations.
"Following the recent funding and acquisition activity we now have a profitable, cash generative foundation for organic and acquisitive growth throughout our target markets in Europe and Australasia,” said chief executive Andrew Walwyn.
The group reported turnover up 78% to £5.7mln compared to £3.2mln in the same period last year, while like-for-like organic recurring revenue was up 17% to £2.7mln, from £2.3mln last year.
Average revenues per user increased from £36.16 to £40.06.
“The company's global customer base now stands at 74,500, an increase of 680% since prior to listing, a reflection of the progress we have made in a short time with support from BGF and many of the UK's top institutional investors," added Walwyn. He said the group was on track to achieve full year expectations.
After buying Avonline, Breiband, SkyMesh in July, the group is now in a very strong position financially and logistically to take advantage of predicted organic growth in these markets, it said.
Shares were up 4% to 6.9p.
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