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Satellite communications company Inmarsat reported narrower losses in the first half of the year, led by growth in its aviation and government segments.
For the half year ended 30 June 2019. pre-tax losses narrowed to $125.2m from $131.3m a year earlier as revenues increased 2.2% to $733.3m.
Aviation delivered revenue growth of $38.6m, up 33.4%, to $154.1m in the half, driven by IFC equipment sales, further growth in GX airtime revenue and continued stable growth from our core business, the company said.
Government revenue increased by $27.9m, up 15.2%, to $211.0m in the first half, supported by several new business wins and expanded mandates achieved over the previous 12 months, increased government expenditure under long term customer contracts and further underlying growth from the Boeing Take-or-Pay contract.
The company reiterated its guidance from March this year, including revenue of $1,300m to $1,400m and cash capex of $500m to $600m per annum for 2019 and 2020.
At 8:43am: (LON:ISAT) Inmarsat PLC share price was +6.5p at 579.1p