Avanti Communications Group plc (LON:AVN) saw its share shoot up nearly 20% after the satellite broadband firm announced the signing of a long-term bandwidth deal.
Turkish communications operator Turksat has committed to 1.8 gigahertz of capacity on the Hylas 2 satellite for three years, plus an option to extend for an additional 12 months.
The contract period starts on 1 June. Avanti noted that revenues will be spread evenly over the life of the contract.
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"We are delighted to have been able to provide this capacity to Turksat which will cover the whole of Turkey,” said Kyle Whitehill, Avanti chief executive.
“This is a significant amount of capacity on HYLAS 2 and demonstrates the demand in the regions in which Avanti operates."
Cenk Şen, Turksat chief executive, added: We are very happy about our partnership with Avanti, as Turksat is a global player in satellite market, this agreement will enable each partner to grow their business significantly with providing high-quality solutions to different organisations with a seamless connection."
In London, Avanti shares rose by 0.44p or 19.56% to trade at 2.69p.