By Michael Millar
Date: Monday 14 May 2012
LONDON (ShareCast) - AIM-listed satellite operator Avanti Communications said its revenue was in line with house broker estimates for the financial year to 30 June 2012.
The group said it had added £42.3m of backlog in the four months to the end of April.
Backlog increased to £213m from the £181m reported at the of December, the firm said.
Its pipeline of potential sales stands at £529m, excluding £170m options on HYLAS 2, the second of its satellites.
Avanti said that during the period HYLAS 2 had successfully completed one of its last key technical milestones, thermal vacuum testing, and remained on target for a launch in July.
The satellite will extend Avanti's coverage to Africa, Caucasia and the Middle East.
"Our products are selling well in the higher value-added application markets in Europe, and demand for the imminent HYLAS 2 satellite is very high," said Chief Executive David Williams.
"With HYLAS 3 included, 80% of our capacity will serve emerging markets which offer high growth potential."
The company hopes to launch HYLAS 3 in partnership with European Space Agency in 2015, aiming to provide further capacity in the EMEA region.
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