Solid start to the year for Inmarsat

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Inmarsat, the provider of global mobile satellite communications services, today (Wednesday) announced its financial results for the three months ended 31st March 2018.

Group Revenue increased $15.9m (4.8%) to $345.4m (up 5% to $313.3m, excluding Ligado), driven by growth in Aviation, Enterprise and Maritime, and Maritime continued year-on-year revenue growth, supported by further market traction with Fleet Xpress.

On the Aviation side, it continued double digit revenue growth in both In-Flight Connectivity and its Core Aviation business.

Group EBITDA decreased by $8.2m (4.5%) to $174.9m (down 6.1% to $142.8m, excluding Ligado), reflecting the growth in revenue offset by changes in revenue mix, particularly in Government, and an adverse impact of currency movements on indirect costs of $9.1m

Adjusted Profit After Tax (excluding impact on income statement of unrealised conversion liability on 2023 convertible bond) declined $23.3m, reflecting changes in EBITDA, depreciation, financing costs and taxation. Statutory PAT, (including the unrealised conversion liability element) increased $59.2m

Rupert Pearce, Chief Executive Officer, commented on the results: “Inmarsat delivered another solid performance in the first quarter of 2018, with good revenue growth, building on the positive momentum we achieved during the course of 2017, and continued strategic progress, especially in Maritime with FX and in our nascent IFC business in Aviation.

“Given our track record, unique capabilities, differentiated market position and strong channels to market, we are increasingly well placed to deliver further annual revenue growth across all of our target Maritime, Government, Aviation and Enterprise markets.”

As outlined at its 2017 financial results on 9th March 2018, Inmarsat remains confident about the growth outlook for the business.