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| Date/Time | Headline | Source |
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| Wed 07:01 | RNS |
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RNS Number : 6683C Avanti Communications Group Plc 18 November 2009
Embargoed until: 0700hrs
Avanti Communications Group plc
Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, has signed a 3 year VNO contract with Digisat Media of Spain. This contract is the first that will use HYLAS capacity for the distribution of radio station content to local broadcast points across the country. Digisat works with both broadband and digital media applications and together with Avanti expects to generate significant additional business. Avanti will begin services for Digisat on its leased capacity, transferring to HYLAS after launch. David Williams, Chief Executive of Avanti said; "This contract underlines the diversity of applications which can exploit our high speed, low cost HYLAS satellite, and demonstrates growing demand in different geographies and sectors. We have also observed since the upgrade to our launch in the Summer that several large scale pipeline opportunities have taken significant steps towards contract as a result of those customers' increased confidence in our project. I have great confidence that our pipeline of business will enable us to fill HYLAS in line with expectations and expect to report further on this soon." Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications
About Digisat Media Digisat Media is dedicated to providing broadband solutions to resolve the challenges of the digital divide using its skills in delivering connectivity via satellite. It also provides value added services to many sectors of industry including transportable solutions to light Vehicles, Boats and Trains, IPTV e-learning and content distribution. Operations deliver services in areas as widely spread as America, Africa, Europe and the Middle East. This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-11-09 | RNS |
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RNS Number : 1575C Avanti Communications Group Plc 09 November 2009
Embargoed until: 0700hrs Avanti Communications Group plc Contract Wins Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, is pleased to announce three contract wins which will help it to deliver the government's required Universal Service Commitment under the Digital Britain project. Firstly, a project has been awarded by the British Government's Technology Strategy Board (TSB) in support of their strategy for Digital Britain. The project will investigate technologies that can be incorporated in Customer Premises Equipment to support emerging applications and next generation broadband services. Secondly, Avanti has also been awarded a contract to prepare for larger scale deployment of satellite backhaul for rural mobile broadband access, building on earlier technology trials performed in Northern Ireland. Finally, a consortium consisting of Avanti, University of Bologna (as prime contractor) and the DLR Institute of Communications and Navigation has been selected by the European Space Agency to support the standardisation activities of the next generation of the DVB Return Channel via Satellite standard (DVB-RCS NG). The new standard aims to improve the interoperability and efficiency of satellite broadband services leading to higher speeds and lower equipment costs. David Williams, Chief Executive of Avanti, said: "I am pleased to announce our involvement in these new government sponsored activities. They will help us to prepare our solution for the Universal Service Commitment contemplated by the Digital Britain Report. It is now clear to all that Avanti's broadband satellites will have a major role in solving these problems for governments around the World." Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications
This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-11-09 | RNS |
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RNS Number : 9825B Avanti Communications Group Plc 05 November 2009
Embargoed until: 0700hrs Avanti Communications Group plc Satellite Delivery Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, is pleased to announce that its HYLAS satellite payload has arrived safely at the ISRO satellite assembly facility in India where it is now being integrated into the platform and prepared for launch. Within a few days of arriving in India the first payload panel was successfully integrated and work is proceeding well. The satellite is firmly on track for delivery in Q2, 2010. David Williams, Chief Executive of Avanti, said: "I am pleased that we are now in the final phase of assembly. The demand in the market for satellite broadband is getting stronger every month as can be observed by our recent contract wins. Also the consensus in government, evidenced by this week's Select Committee Enquiry into broadband, shows that Avanti will be delivering a much needed and highly valued service across Europe." Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications
This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-10-09 | RNS |
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RNS Number : 4392B Avanti Communications Group Plc 27 October 2009
On behalf of: Avanti Communications Group plc ("Avanti", "the Group" or "the Company")
Avanti Communications Group plc Result of AGM The Board of Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, is pleased to confirm that all resolutions put to shareholders at its Annual General Meeting today were duly passed. Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications
This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | AFX UK Focus |
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LONDON, Oct 26 (Reuters) - Avanti Communications Group Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | RNS |
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RNS Number : 3410B Avanti Communications Group Plc 26 October 2009
Avanti Communications Group plc £7.5m Contract Win and Strategic Partnership Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, announces a contract win and major strategic partnership with Hughes Network Systems, the World's leading supplier of satellite network services and equipment. Hughes has purchased capacity and managed services using Avanti's Virtual Network Operator service on HYLAS over a ten year period to an initial value of £7.5m in order to continue to grow its own established European networks business with clients in sectors such as oil and gas and lotteries. It has also committed to sell HYLAS services, and give Avanti access to Hughes' very extensive distribution channels in Europe - which currently account for more than 35,000 customer installations. Hughes has a global market share in the provision of satellite networks to enterprise customers of over 50%. It operates its own Ka band satellite in the USA, but leases capacity elsewhere in the World. HYLAS will enable Hughes to extend its competitive advantage in Europe. Avanti has purchased equipment from Hughes for use at the HYLAS network control centre, in line with capital budgets. Avanti has also secured a five year framework supply agreement enabling its 52 VNO customers around Europe to purchase Hughes' customer premises equipment (dishes and modems) at a market beating price. This market leading equipment enables end users to operate internet services at speeds of up to 10Mbps, and the attractive pricing enables Avanti's VNOs to provide service with a minimal customer installation charge. David Williams, Chief Executive of Avanti, said: "I am pleased to announce a deal of significant strategic importance to both companies. Hughes is overwhelmingly the global leader in satellite networks for enterprise customers and I am certain that they will be a powerful force in helping us to fill HYLAS quickly in Europe. Our capacity gives them a similar competitive advantage to that enjoyed with their own satellite in the USA. Furthermore we have secured a supply for our VNOs of the world's best customer premises equipment at a market beating price. This is fundamental in turning HYLAS into a mass market consumer broadband proposition and will have significant impact on our ability to sign more VNO customers leading up to the launch of HYLAS."
Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications
About Hughes
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8635Z Avanti Communications Group Plc 29 September 2009
On behalf of: Avanti Communications Group plc ("Avanti" or "the Company") Avanti Communications Group plc Holdings in Company Avanti Communications Group Plc (AIM: AVN), the broadband satellite operator, announces that it has today received notification from Avenue Europe Management LLP that it now holds 3,188,717 ordinary shares in Avanti Communications, being approximately 7.61% of the issued ordinary share capital of the Company. Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com/
Cenkos Securities
Notes to Editors: About Avanti Communications
This information is provided by RNS The company news service from the London Stock Exchange END
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| 23-09-09 | RNS |
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RNS Number : 4958Z Avanti Communications Group Plc 23 September 2009
Embargoed until: 0700hrs Avanti Communications Group plc Contract Wins Avanti Communications Group plc (AIM: AVN), the broadband satellite operator, announces the signature of three contracts for the sale of broadband services, taking it above its target of recruiting 50 service providers before the launch of its HYLAS satellite. The first is with Insis System Engineering, which provides systems integration services in automation, environmental monitoring and infrastructure control in Italy. Secondly, EnergoData has purchased capacity which will be used to manage telemetry and control services in the utilities sector in Macedonia, a new market for Avanti. Finally, Avanti has signed with Broadsat srl in Italy and the Balkans, which specialises in providing consumer broadband in rural Italy. Each customer has committed to the minimum order volumes. David Williams, Chief Executive of Avanti, said: "I am delighted to add three new customers to our distribution network bringing us to 51 service providers in 13 countries. We have always assumed that 50 service providers would be enough to fill HYLAS quickly. We removed the last major technical risk from our project in July with the launch upgrade. With the achievement today of a major distribution milestone we therefore now have full confidence that we are also rapidly removing commercial risks. It is also pleasing to recruit customers specialising in new niche industrial applications for satellite broadband, in addition to our existing strength in the consumer market."
Enquiries to:
Avanti Communications Group plc http://www.avanti-communications.com
Cenkos Securities
Notes to Editors: About Avanti Communications Avanti sells satellite broadband services to telecoms companies which use them to supply homes and businesses. Avanti's first satellite, called HYLAS is under construction and will be the first superfast broadband satellite launched in Europe. The market for 2Mb satellite broadband products in Europe is estimated at more than 70 million households. Avanti currently provides satellite broadband services to customers in Europe using leased satellite capacity which it will transfer to HYLAS on launch. The European Commission has set aside funding for rural broadband projects in 79 regions across Europe with a total value of EUR2.8 billion over the next five years. This information is provided by RNS The company news service from the London Stock Exchange END
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| 22-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 4238Z
Avanti Communications Group Plc
22 September 2009
Date: 22 September 2009
On behalf of: Avanti Communications Group plc ('Avanti', 'the Group' or
'the Company')
Embargoed until: 0700hrs
Avanti Communications Group plc
Preliminary Report for the year ended 30 June 2009
Avanti Communications Group Plc (AIM: AVN), the satellite operator, announces its audited Preliminary Results for the full year ended 30 June 2009.
Key points
* Presentation of profit before tax of £1.8 million, well ahead of expectations, resulting from strong operating result and effective hedging
* Strong progress in creating a distribution network with 48 service providers now buying bandwidth in various volumes around Europe with a substantial new business pipeline
* Successful and timely completion of rural broadband project with the Scottish Government
* Compelling evidence of the growing importance of broadband to governments and consumers
* An increasing available market for Avanti
* Completion of a £31.5m equity placing, plus ESA EUR12.5m contribution to finance Launch Vehicle upgrade for HYLAS
* Satellite on target for launch from French Guyana in Q2 2010
Financial highlights
* Revenue £ 8.0 million (2008: £5.9 million)
* Profit before tax £1.8 million (2008: loss £1.4 million)
* Profit after tax £1.0 million (2008: loss £1.0 million)
* Closing cash and cash equivalents balance £24.6 million (2008: £35.2 million)
* Following receipt of equity proceeds on 3 July 2009 cash and cash equivalents was £55.9 million
Commenting on the results, John Brackenbury, CBE, Chairman said:
"I have great pleasure in presenting Avanti Communications Group plc's results for the year ended 30 June 2009. Through the exercise of cost discipline, prudent financial risk management, and the sale of services on our interim satellite capacity, we have managed to exceed expectations comfortably.
"We are now in our launch year, the year in which we will begin to realise our potential. The procurement of one of the most complex and innovative commercial satellite systems ever built has progressed well, with the system expected to operate at the top end of technical performance expectations. With the support of ESA and our very strong shareholder base we took the opportunity to de-risk our project with the purchase of an Arianespace launch, the World's most reliable launch service.
"During the year our market has grown and as a result, the decision of Avanti three years ago to make a pioneering investment in Ka band satellites is widely regarded as farsighted. With the launch of HYLAS we hope and expect that Avanti will become one of the World's most exciting telecommunications businesses - a pioneer, a market leader and a British national champion."
Enquiries to:
Avanti Communications www.avantiplc.com
David Williams / Nigel Fox 020 7749 1600
Redleaf Communications Ltd avanti@redleafpr.com
Samantha Robbins / Paul Dulieu 020 7566 6700
Cenkos Securities
Julian Morse/Ivonne Cantu 020 7397 8900
Notes to Editors
About Avanti Communications
* Avanti sells satellite broadband services to telecoms companies which use them to supply homes and businesses.
* Avanti's first satellite, called HYLAS is under construction and will be the first superfast broadband satellite launched in Europe.
* The market for high speed satellite broadband products in Europe is estimated at 70 million homes.
* Avanti currently provides satellite broadband services to customers in Europe using leased satellite capacity which it will transfer to HYLAS on launch.
* The European Commission has set aside funding for rural broadband projects in 79 regions across Europe with a total value of EUR2.8 billion over the next five years.
Chairman's Statement
I have great pleasure in presenting Avanti Communications Group plc's results for the year ended 30 June 2009. We have significantly exceeded expectations through the exercise of cost discipline, prudent financial risk management, and the sale of services on our interim satellite capacity.
We are now in our launch year, the year in which potential begins to turn into profit and cash. During 2008 we made important progress in procurement, finance and sales. The procurement of one of the most complex and innovative commercial satellite systems ever built has progressed well, with the system expected to operate at the top end of technical performance expectations. With the support of the British government, ESA and our very strong shareholder base we took the opportunity to de-risk our project with the purchase of a launch from Arianespace, the World's most reliable launch service provider.
During the year, our market grew strongly. Terrestrial broadband telecoms technologies continue to exclude very large populations around the World. There is now consensus that some 70m homes in Europe will not be able to access terrestrial broadband at speeds of 2Mb or more and consumer are demanding ever faster service. HYLAS will be the first superfast broadband satellite to launch in Europe and would be full with just 300,000 users so we have a vast yet lightly competed market to exploit.
During the financial year ended June 2009, the Company has achieved a number of key milestones.
* Presentation of maiden profit before tax of £1.8 million resulting from strong operating result and effective hedging
* Strong progress in creating a distribution network with 48 service providers now committed around Europe plus a substantial new business pipeline
* Successful and timely completion of largest ever rural broadband project with the Scottish Government
* Compelling evidence of the growing importance of broadband to governments and consumers
* Completion of a £31.5m equity placing, plus ESA EUR12.5m contribution to finance launch service change
* Satellite on target for launch from French Guyana in Q2 2010
During the year our market has grown and as a result, the decision of Avanti three years ago to make a pioneering investment in Ka band satellites is widely regarded as farsighted. We have an excellent management team and an impressive shareholder list and so I am confident that we can continue to lead in a large and growing global market.
With the launch of HYLAS we hope and expect that Avanti will become one of the World's most exciting telecommunications businesses - a pioneer, a market leader and a British national champion.
John Brackenbury, CBE
Chairman
Chief Executive's Report
Introduction
I am pleased to report results for the year which exceed expectations. Our interim service has sold well, and we have been able to use this activity to prepare our business operations systems for full scale roll out as soon as HYLAS launches in the second quarter of 2010. Also, with the wise counsel of a very experienced board, we made the right decisions to protect and enhance our balance sheet through the credit crunch: securing debt finance early in the project, keeping our cash in safe custody and hedging currency and interest rate risks effectively. The successful development of our business model and the expansion of our market then enabled us to win the support of existing shareholders and an impressive array of new institutions in raising finance to improve the quality and reliability of our launch service, thereby removing the last significant technology risk from our project.
Business Overview
Avanti's business model remains simple. We own and operate a satellite called HYLAS. This satellite will be the first "Ka band" superfast broadband satellite launched outside America and one of the most advanced payloads ever built. It will deliver high speed broadband at very competitive prices around Western and Eastern Europe. We will provide broadband at speeds up to 10Mb (with the return path by satellite at up to 5Mb). The customer uses a small satellite dish, typically between 45cm and 78cms, and a small satellite modem connected to the PC or server. Ka band satellite technology is new, although the first generation has been proven both technically and commercially in the USA. The technology enable us to use higher frequency bands with multiple spot beams meaning that we can transmit at higher speeds and serve many more subscribers per satellite than was previously possible.
We sell to telecoms service providers, who are obliged to make minimum initial commitment to service volumes. They then sell to end users within their defined territories in the expectation of building a large subscriber base and increasing their bandwidth purchases from us. We provide to these service providers a managed broadband service (not just raw bandwidth) along with all of the software systems, marketing support and training they need to deliver service. We call these service providers VNOs (Virtual Network Operators). Our VNOs need to make no initial capex investment since we manage the satellite and own and operate all associated ground control and network communications infrastructure, with the sole exception of the end user customers' satellite dish and modem.
In addition to regular consumer and business customers, our broadband product has begun to find new markets this year. We currently have services running providing "backhaul" for mobile phone base stations (i.e. carrying user traffic from a rural base station back to the network centre), providing telemetry for wind farms and providing outside broadcasting transmissions for television companies. The product is the same, it's all broadband to Avanti, but the applications which customers find for our very high speed low cost services are definitely growing.
This was our second full year offering satellite broadband services on our rented capacity, and during the year we rapidly completed Europe's largest ever rural broadband project, for the Scottish Government. The success was verified by the award of a second contract from that customer. The service we provide to those and other current customers will be upgraded when HYLAS launches. The activity has had three benefits to our business:
* We have demonstrated the role of satellite in solving the digital divide and raised its profile. This has been important and timely in the context of government exercises like Digital Britain.
* We have a proven market and our ability to access it, using the early service to recruit 48 service providers in 12 countries in Europe.
* We have learned the lessons of operational deployment in volume. We have field tested all of the back office software systems which we have developed to manage customer activation, support and billing and have completed detailed process manuals to guide both our staff and our VNOs in their management of the products. This means that when HYLAS launches, execution of the ramp up in business should be smooth.
The market demand for broadband in general and the competitive dynamic has evolved significantly since the beginning of our project. It is now overwhelmingly clear that:
* Competing technologies leave very large populations unserved for reasons of technical and economic limitation. It is widely held that:
* Copper ADSL networks leave populations of between 10% and 40% without adequate broadband all over the World
* Fibre optic cable networks to the home are not economically viable in large parts of the world, leaving at least 40% of the population unserved even in densely populated countries like the UK
* 3G/4G networks, whilst providing excellent mobile data, cannot be used for fixed broadband substitution because they have insufficient capacity and spectrum available to cope with the high volumes of data (especially video) now demanded by consumers at home.
* Wi-fi and Wi-Max technology suffering from a combination of line of sight, quality of service, base station density and infrastructure cost efficiency issues and has not made a significant impact on any major European markets.
* Universal broadband service is now regarded as critical national infrastructure in most countries of the world and governments are acting to accelerate its achievement.
* There remains very little competition to Avanti. Only one other dedicated Ka band satellite is planned for Europe, launching a year after HYLAS. In aggregate the two satellites can serve probably at most only 1 million 2Mb services, in a market which has potential demand for 70 million.
There is now broad consensus in government and telecoms circles that Ka band satellites have a major role to play in the patchwork of varying technologies which will provide universal high speed broadband. We are confident therefore of our future market opportunity.
We have made great strides this year in building our distribution channels. We now have 48 VNOs signed in twelve countries (Scotland, Ireland, England, France, Spain, Germany, Poland, Czech Republic, Italy, Serbia, Hungary, and Albania).
These VNOs commitments range from £100,000 to £9,000,000 and from 3 to 15 years. For the first year of service we have more than 13% of HYLAS capacity pre-sold and hope to top 20% by the day of launch. These VNOs of course all expect to build their own subscriber bases rapidly and to return to Avanti to buy more capacity. Based on Avanti's experiment of offering service on rented capacity, it is clear that a small specialised VNO can sell and install at least 2,000 subscribers per annum per country (especially with EU funding assistance). HYLAS will be full with around 200,000 - 300,000 end user customers, depending on the mix of service levels sold by the VNOs (0.5Mb to 10Mb). We therefore have enough VNOs already to be confident that we can achieve our plan to fill HYLAS quickly and are currently signing one or two new VNOs per month. We are also now making progress with larger telecoms companies who are typically adopting satellite broadband as a product for the first time to address their own universal service obligations and therefore the average order size is likely to increase.
Manufacture of the satellite is proceeding well, and we remain on schedule to launch within the previously announced window of April to June 2010. During the year we raised £31.5m in an equity placing plus EUR12.5m contribution from the British Government via the European Space Agency to fund the upgrade of our Launch Service to Arianespace, the most reliable launch service available. Moving to Arianespace was expensive, but has given greater comfort and certainty to investors, customers and our government partners. We have thus removed the last major technology risk, and can now focus our energies on maximising the price and pace at which we sell out HYLAS capacity.
Outlook
We now have full confidence in the imminent delivery of a fully operational satellite into orbit. Our fortunes now rest on our ability to sell out HYLAS quickly and at the best yield. The distribution channels we have established should enable us to achieve this. But we are also now finding that the larger traditional telecoms service providers are beginning to adopt our product in volume and also new application markets are opening up. The sales pipeline is strong, and should be given a further boost by the Digital Britain project in the UK and the increasing activity of projects in Europe funded by European Commission budgets. We are highly confident that HYLAS will sell out quickly, and are therefore busy working on two new projects to increase our capacity. An investment bank has been retained to help us to close financing which has been offered by government sponsors. The success of this effort is not yet definitive but we hope to report positively on this soon.
David Williams
Chief Executive
UNAUDITED CONSOLIDATED INCOME STATEMENT
Year ended 30 June 2009
UNAUDITED AUDITED
Year ended Year ended
30 June 2009 30 June 2008
Notes £'000 £'000
Revenue 8,041 5,921
Cost of sales (5,068) (1,918)
Gross Profit 2,973 4,003
Operating expenses (7,086) (6,450)
Other operating income 3 2,727 589
Loss from operations (1,386) (1,858)
Financing exchange gain and 4 2,932 119
movement in derivative fair
value
Finance income 4 417 585
Finance expense 4 (162) (201)
Net financing income 4 3,187 503
Profit/(Loss) before tax 1,801 (1,355)
Income tax (expense)/credit 5 (752) 361
Profit/(Loss) for the year 1,049 (994)
Attributable to:
Equity holders of the parent 1,049 (994)
Basic earnings/(loss)per share 6 3.78p (3.60)p
(pence)
Diluted earnings per share 6 3.39p -
(pence)
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30 June 2009
UNAUDITED AUDITED
30 June 2009 30 June 2008
Notes £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 51,534 39,647
Intangible assets 21 95
Deferred tax assets 5 1,037
Total non-current assets 51,560 40,779
Current Assets
Inventories 352 249
Unpaid share capital 9 31,500 -
Trade and other receivables 14,584 8,656
Cash and cash equivalents 7 24,615 35,241
Total current assets 71,051 44,146
Total assets 122,611 84,925
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 12,164 13,743
Provisions for other liabilities 30 86
Loans and other borrowings 402 545
Total current liabilities 12,596 14,374
Non-current liabilities
Trade and other payables 2,899 1,365
Provisions for other liabilities 63 129
Loans and other borrowings 42,574 36,322
Total non-current liabilities 45,536 37,816
Total liabilities 58,132 52,190
Equity
Share capital 8 417 277
Share premium 8 34,041 3,858
Retained earnings and reserves 8 30,021 28,600
Total shareholders' equity 64,479 32,735
Total liabilities and equity 122,611 84,925
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2009
UNAUDITED AUDITED
Year ended Year ended
30 June 2009 30 June 2008
Notes £'000 £'000
Cash flow from operating
activities
Loss from operations before (1,386) (1,858)
taxation
Net foreign exchange gain (1,184) (589)
Depreciation of property, 768 648
plant and equipment
Depreciation of intangible 51 96
assets
Write off of fixed assets - 31
Provision for impairment of 172 188
trade receivables
Onerous lease provision (123) 215
Share based payments expense 653 871
(1,049) (398)
Movement in working capital
(Increase) in inventories (102) (218)
(Increase) in debtors (5,626) (1,936)
(Decrease) in trade and other (4,569) (117)
payables
Cash used by operations (11,346) (2,669)
Interest received 951 1,736
Interest paid (162) (201)
Net cash used by operating (10,557) (1,134)
activities
Cash flows from investing
activities
Payments for property, plant (2,850) (7,543)
and equipment
Net cash used in investing (2,850) (7,543)
activities
Cash flows from financing
activities
Proceeds from borrowings - 32,000
Repayment of borrowings (21) (390)
Debt issue cost paid - (988)
Proceeds from share issue - 4,000
Share issue costs - (122)
Proceeds from finance leases 802 -
Finance lease paid (592) (550)
Net cash received from 189 33,950
financing activities
Effects of exchange rate on 2,592 20
the balances of cash and cash
equivalents
Net (decrease)/increase in (10,626) 25,293
cash and cash equivalents
Cash and cash equivalents at 35,241 9,948
the beginning of the financial
year
Cash and cash equivalents at 7 24,615 35,241
the end of the financial year
1. General Information
The preliminary results for the year ended 30 June 2009 have been extracted from the unaudited consolidated financial statements. These unaudited consolidated financial results were approved for issue by the Board of Directors on 22nd September 2009.
The financial information for the year ended 30 June 2009 and 2008 set out in this announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and section 240 of the Companies Act 1985. Statutory accounts for 2009 will be delivered following the Company's Annual General Meeting. The auditors, PricewaterhouseCoopers LLP, have not reported on these accounts.
The financial information for the year ended 30 June 2008 is derived from the statutory accounts for that year. The statutory financial statements for the year ended 30 June 2008 have been filed with the Registrar of Companies. The report of the auditors, PricewaterhouseCoopers LLP, on those accounts was unqualified and did not contain a statement under section 237(2) or 237(4) of the Companies Act 1985.
2. Principal accounting policies
The following standard has been adopted with effect from the 1 July 2008:
IFRIC 11, 'IFRS 2 - Group and treasury share transactions', provides guidance on whether share-based transactions involving treasury shares or involving group entities (for example, options over a parent's shares) should be accounted for as equity-settled or cash-settled share-based payment transactions in the stand alone accounts of the parent and group companies. This interpretation does not have an impact on the group's financial statements. The company's accounting policy for share based compensation arrangements is already in compliance with the interpretation.
Basis of preparation
The unaudited Group financial statements have been prepared on a basis consistent with the IFRS accounting policies as set out on pages 32 to 36 of the audited Consolidated Financial Statements for the year to 30 June 2008, as available on our website www.avantiplc.com/reports_accounts.htm as augmented by the 2009 accounting standard described above. The applied International Financial Reporting Standards ("IFRS") accounting policies were selected by management considering all applicable IFRSs issued by the International Accounting Standards Board ("IASB") and adopted by the European Union. This announcement does not contain sufficient information to comply with all of the disclosure requirements of IFRS.
The functional and presentation currency of the Company and all of the Group's subsidiaries is GBP sterling, as the majority of operational transactions and borrowings are denominated in GBP sterling.
Critical accounting estimates and management judgements
The preparation of the consolidated financial statements in conformity with IFRS requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reported period. Although these estimates are based on management's best knowledge of the amount, events or actions, the actual results ultimately may differ from those estimates.
3. Other operating income
30 June 2009 £'000 30 June 2008
£'000
Exchange gain on trade receivables and 1,355 589
payable balances
Liquidated damages received 1,372 -
2,727 589
Liquidated damages have been received from Astrium due to the late delivery of HYLAS. These damages accrue daily and will continue until November 2009. These damages compensate for the additional costs incurred as a result of the late delivery of the satellite.
4. Net finance income
30 June 2009 30 June 2008
£'000 £'000
Finance income
Fair value gain on derivatives 340 119
Financing exchange gain 2,592 -
2,932 119
Interest income on bank deposits 417 585
3,349 704
Finance expense
Interest expense on borrowings and loans (109) (130)
Finance lease expense (53) (71)
(162) (201)
Net finance income 3,187 503
5. Income tax credit
30 June 2009 30 June 2008
£'000 £'000
Current tax
Current tax - -
Total current tax - -
Deferred tax
Origination and reversal of temporary 588 (404)
differences
Adjustment in respect of prior periods 164 25
Impact of change in UK tax rate - 18
Total income tax expense/(credit) 752 (361)
The tax on the group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
30 June 30 June
2009 2008
£'000 £'000
Profit / (Loss) before tax 1,801 (1,355)
Tax charge / (credit) at the corporate tax rate of 28% 504 (400)
(2008: 29.5%)
Difference in overseas tax rates (5) -
Tax effect of non-deductible expenses 89 49
Previously unrecognised tax losses - (53)
Adjustment in respect of prior periods 164 25
Impact of change in UK tax rate - 18
Income tax expense/(credit) 752 (361)
6. Earnings / (Loss) per share
30 June 2009 pence 30 June 2008 pence
Basic earnings/(loss) per share 3.78 (3.60)
Diluted earnings per share 3.39 -
The calculation of basic and diluted earnings / (loss) per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.
There is no comparative balance for 30 June 2008 because there was no dilution to the basic earnings per share calculation required as any adjustments would have been anti-dilutive.
7. Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents include cash in hand and at banks net of outstanding overdrafts. Cash and cash equivalents at the end of the financial year as shown in the cash flow statement can be reconciled to the related items in the balance sheet as follows:
30 June 30 June 2008
2009 £'000
£'000
Cash and bank balances 2,376 1,050
Short term deposits 22,239 34,191
Net cash and cash equivalents 24,615 35,241
8. Statement of changes in equity
Year ended 30 June 2009
Share capital Share premium Profit and loss Total reserves
account reserves
£'000 £'000 £'000 £'000
2008
At 1 July 2007 257 - 28,431 28,688
(Loss) for the year - - (994) (994)
Issue of share capital 52 - - 52
EBT Treasury shares (32) - - (32)
Premium on shares issued - 3,858 - 3,858
Share based payments - - 871 871
Tax expense taken directly to - - 292 292
reserves
At 30 June 2008 277 3,858 28,600 32,735
2009
At 1 July 2008 277 3,858 28,600 32,735
Profit for the year - - 1,049 1,049
Issue of share capital 140 30,183 - 30,323
Share based payments - - 652 652
Tax credit taken directly to - - (280) (280)
reserves
At 30 June 2009 417 34,041 30,021 64,479
9. Post Balance Sheet Event
The net proceeds from the £31.5m share placing were received on 3 July 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 11-09-09 | RNS |
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RNS Number : 9589Y Avanti Communications Group Plc 11 September 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
APMBUGDCGSBGGCB More |
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| 11-09-09 | RNS |
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RNS Number : 9578Y Avanti Communications Group Plc 11 September 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
PMEILFVEAEILLIA More |
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| 27-08-09 | RNS |
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RNS Number : 1439Y Avanti Communications Group Plc 27 August 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
APMBUGDIGSDGGCR More |
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| 27-08-09 | RNS |
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RNS Number : 1419Y Avanti Communications Group Plc 27 August 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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