Global Invacom Group Ltd (GINV)
Global Invacom swings into the black
Satellite communications equipment provider Global Invacom Group swung into the black in the first quarter.
The group posted a net profit of US$0.6m compared with a loss of $0.7m last time.
The group said the turnaround was lifted by the first full quarter of profit for some time by the group's US subsidiary, Ravens Antenna Systems (trading as 'Global Skyware').
Group revenue for Q1 declined to US$27.5m (Q1 FY2016: US$30.8m) mainly due to lower turnover in the contract manufacturing segment following the closure of a non-core manufacturing subsidiary in Shenzhen, China, which was completed in Q4 FY2016.
The group said its manufacturing activity in China was now consolidated at its manufacturing facility in Shanghai. Q1 revenue from America, Europe and Asia regions declined by US$0.7m (-3.5%), US$2.2m (-29.8%) and US$0.5m (-20.1%), respectively.
Revenue from the Rest of the World increased by US$0.1 million (+10.7%).
Separately, the group announced that Foxcom, one of its R&D and manufacturing arms, would ship its low-cost iridium/GPS repeater to a leading international airline for installation in one of its aircraft hangars. It said that Foxcom would install the new fibre repeater in the airline's hangar at the end of this month.
It said the repeater, which debuted in October 2016, was the latest solution for aircraft hangars in the highly successful range of iridium and GPS repeaters that Foxcom launched in 2013.
At 9:26am: (LON:GINV) Global Invacom Group share price was +1.75p at 9.5p