Falling revenues for Inmarsat

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Solid trading has been reported by Inmarsat for the quarter to the end of March, remaining in schedule for a third GX satellite launch. Total revenues are down from $344.7m last year to $304.8m.

Revenues comprise: LightSquared (Q1 2014: $45.3m) down by $27.8m to $17.5m; Aviation up 22.1% $4.9m to $27.1m; underlying growth (excluding disposal) up 6.9%; Enterprise down by 12.4%, $5.5m to $38.9m; Government down by 16%, $12.7m to $66.8m; Maritime up 1.1% ($1.6m) to $149.8m; Wholesale Mobile Satellite Service up 3.5% to $198.2m, up 3.5% from $191.5m; Total EBITDA down from $209.9m to $176.8m and profits after taxation dropped from $100.2m to $77.4m.

Rupert Pearce, CEO stated: “This was a solid quarter of trading, although starting slowly, in particular in Maritime and certain Government contracts. However momentum developed well towards the end of the period, especially in Maritime, with strong growth in FleetBroadband subscribers and ARPU as well as XpressLink installations. We remain confident about the underlying growth and margin trends across all of our business units, and that we will deliver our wholesale MSS revenue target for 2015 and beyond.”

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