Avanti Communications Group PLC (LON:AVN) saw its shares rocket higher today after the satellite data communications services provider announced a significant contract win and said its fourth quarter revenue rose above US$16mln, taking full year sales to around US$62mln.
Avanti announced that it won a new 3-year contract worth up to US$21mln to deploy several hundred services to government sites across Africa with an existing government customer.
"This, in addition to recent announcements of Mobility, 5G and broadband orders and a strengthened balance sheet creates a positive outlook for the new financial year," it said in a trading statement.
"A number of projects to sell spectrum are progressing well but have not closed in time to impact the final quarter," the company added.
In mid-morning trade, Avanti Communications shares were up nearly 17%, or 1.62p at 11.25p.