Inmarsat plc reports first quarter results 2018 - A solid start to the year

Inmarsat plc reports first quarter results 2018 - A solid start to the year

 

Inmarsat plc, the leading provider of global mobile satellite communications services, today announces financial results for the three months ended 31 March 2018.

 

Operational highlights:

  • Group Revenue increased $15.9m (4.8%) to $345.4m (up 5.0% to $313.3m, excluding Ligado), driven by growth in Aviation, Enterprise and Maritime:

    • Maritime: continued year-on-year revenue growth, supported by further market traction with Fleet Xpress (“FX”)

    • Government: lower contracted revenue from Boeing Take-or-Pay contract and the end of exceptional operational revenue outside the US, as expected in both cases

    • Aviation: continued double digit revenue growth in both In-Flight Connectivity (“IFC”) and our Core Aviation business

    • Enterprise: first quarter of significant growth for some time, mainly driven by double digit growth in satellite phone airtime and handset revenues

    • GX: airtime and related revenues of $50.0m (Q1 2017: $32.1m), driven by growing customer take-up in Maritime, Government and Aviation 

  • Group EBITDA: decreased by $8.2m (4.5%) to $174.9m (down 6.1% to $142.8m, excluding Ligado), reflecting the growth in revenue offset by changes in revenue mix, particularly in Government, and an adverse impact of currency movements on indirect costs of $9.1m

  • Adjusted Profit After Tax (excluding impact on income statement of unrealised conversion liability on 2023 convertible bond): declined $23.3m, reflecting changes in EBITDA, depreciation, financing costs and taxation. Statutory PAT, (including the unrealised conversion liability element) increased $59.2m

  • Outlook and future guidance unchanged

Rupert Pearce, Chief Executive Officer, commented on the results: “Inmarsat delivered another solid performance in the first quarter of 2018, with good revenue growth, building on the positive momentum we achieved during the course of 2017, and continued strategic progress, especially in Maritime with FX and in our nascent IFC business in Aviation. “Given our track record, unique capabilities, differentiated market position and strong channels to market, we are increasingly well placed to deliver further annual revenue growth across all of our target Maritime, Government, Aviation and Enterprise markets.”

 

 

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