Avanti Communications Group PLC (LON:AVN) says it is expecting “strong growth in bandwidth revenues” in the final quarter of 2018 after a string of new agreements.
In an update for the quarter ended 30 September and post-quarter to date, the satellite operator reported revenues for the quarter period of US$10.8mln, with an EBITDA loss of US$10.6mln.
The company also said it had ended the total period with a cash balance of US$13.3mln, while the period end backlog was US$164.6mln.
In its highlights for the period, the group said it had signed a US$84mln wholesale agreement with a major international satellite service provider that is due to being in the third quarter of the next financial year and run for seven years.
Avanti had also secured a US$10mln contract with ViaSat for two years as well as a seven-year master distribution agreement with Comsat Inc, a satellite communications supplier to the US Department of Defense and other government agencies.
These contract wins were expected to underpin “significant growth in core bandwidth revenue throughout 2019”.
Avanti also said in August that it had secured US$20.1mln as a result of arbitration proceedings against the Indonesian government in a dispute over a 2016 satellite lease deal which had only been partially paid.
READ: Avanti Communications receives US$20mln from Indonesia
The group also signed an agreement to extend its existing Super Senior Facility to US$152mln from US$132.5mln, adding that it was drawing down the additional US$34.5mln to fund the business going forward.
In early trading Friday, Avanti shares were steady around 2.9p.