Satellite data communication services group Avanti Communications has reported $56.6m full year revenue, down from $82.8m a year earlier. It recorded a $203.7m operating loss which is significantly worse than the $40m operating loss in 2016.
Trading in the first half of the year was slower than expected by the company. It suffered lower than normal levels of pipeline conversion and an extension in the sales cycle.
Avanti said of the high probability pipeline that existed at 30 June 2016, only 30% was signed by 31 December 2016 compared to a 60%-plus historical conversion rate.
Since completing a strategic review and provision of additional financing, Avanti said it had won 'significant' new business and believed the pipeline conversion rate should now accelerate.
Alan Harper Avanti's CEO said: 'The disruption of the early part of the year led to a lengthening of the sales cycle which caused revenue to be significantly lower than initially expected.
'However as recently announced the restructuring of the balance sheet aims to correct the capital structure and provide the platform for success over the medium term.'
The full year results covered the 12 months to 30 June 2017.
At 2:11pm: (LON:AVN) Avanti Communications Group PLC share price was +0.03p at 7.93p