Avanti Communications Group PLC (LON:AVN) shares rose on Monday as the satellite data communications service provider announced it has signed a two-year US$10mln contract with Viasat Inc (NASDAQ:VSAT).
The AIM-listed firm said the deal provides Viasat with leased capacity on a steerable beam on the newly launched Avanti HYLAS 4 satellite.
READ: Avanti Communications' shares rocket after contract win, full-year revenue boost
Kyle Whitehill, Chief Executive Officer of Avanti Communications said: "Avanti's contract with Viasat reflects the winning qualities of our HYLAS 4 satellite.”
He added:” This is a confirmation that our new carrier strategy helps operators to increase addressable markets and drive customer satisfaction without additional satellite and launch capex spend."
In early morning trading, Avanti’s shares rose 11.7% to 5.48p.