Avanti reports increase in revenue as trading remains strong

12th May 2015 10:36

Satellite data communication provider Avanti Communications Group said it was trading in line with annual expectations.On Tuesday, the London-listed company said its revenue grew 26% year-on-year in the nine months to 31 March, while continuing business revenue increased 54.5% at constant currency and adjusted for an exceptional European Space Agency grant in the previous year.Avanti said it expected a similar rate of growth in the final quarter of 2015 and through to 2016, adding it had registered a rise in demand for data connections in high growth markets.In a trading update, the group said its average fleet utilisation was in the 15%-20% range in the third quarter, up from the 10%-15% band it reported in the corresponding period in 2014.In the first nine months of the year, Avanti said it has signed 72 new and extended contracts in the period and had "substantial" opportunities in its pipeline."We are developing our distribution platform across EMEA, extending our relationships with existing customers and winning some important new business," said group chief executive David Williams."We now have strong inbuilt growth from our core customer base and some substantial incremental opportunities in the pipeline."Avanti shares were up 2.82% to 237.00p at 11:22 on Tuesday.