5 February 2015 – results/fund raising

In the six months to 31 December, revenues were up 24.4% at $31..1m, in line with expectations, whilst the loss before tax rose to $48.0m from $41.8m.  The company has made good progress during the period securing 49 new contracts, improving relationships with several major global customers and commencing the construction of the HYLAS 4 satellite.  The current third quarter of the financial year is expected to see a material increase in revenues following recent contract awards and the long term future of the group looks exciting.  Since the period end, a further £60.6m has been raised through the issue of 28.2m shares at 210p to help fund the development of the new satellite and although profitability is clearly some way off we maintain our recommendation of BUY.