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Avanti Communications Sees Annual Revenues Below Market View - Quick Facts

Satellite operator Avanti Communications Group Plc (AVN.L), in its year-end trading update, said the revenue guidance for the year ending June 30, 2013 included the value of several major contracts in Africa that were expected to close before 30 June 2013, but which are currently expected to be completed in the next fiscal year.

At the same time, since the period end, the revenue due from a contract inked in the fiscal year is no longer assured. Therefore, revenues for the year ended June 30, 2013 are likely to be up to 10 million pounds below the prior market consensus.

In June, the firm achieved its objective to become cash flow positive at the operating level.

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by RTT Staff Writer

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