05 Mar Avanti says poised for better future as revenues slide to USD 20.2 mln in fiscal H1
Satellite operator Avanti Communications has reported its results for the first half to end December, saying revenues fell to USD 20.2 million from 32.3 million the year before and that the EBITDA loss widened to USD 11.4 million from a loss of 6.3 million. Avanti said its balance sheet restructuring is moving to plan and that it should complete in April. Cash balances as of 19 February amounted to USD 47 million, with net debt at end December rising to USD 729.4 million from 562 million at end June. Avanti announced earlier reported lower results for the quarter to end September.
Avanti interim CEO Alan Harper said that the company’s restructuring of its balance sheet and refocus of the sales and marketing activities has created a “new platform for growth”. With the launch of Hylas 4, now confirmed for 21 March and the start of new CEO Kyle Whitehall from 3 April, Harper believes the company will be poised for a new phase of development.
Kyle will join Avanti form Liquid Telecom, where he has been CEO of Liquid Telecom South Africa since March. Before that, Kyle worked at the Vodafone Group for almost 15 years, serving as CEO of Vodafone Qatar, CEO of Vodafone Ghana and COO of Vodafone India. After 3 April, Harper will resume his role as non-executive director at the company.