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Satnews Daily
May 10th, 2011

Inmarsat... Financially Speaking...


[SatNews] Inmarsat plc (LSE: ISAT.L) has provided the following information for the three months ended March 31 2011.
  • Total revenue $323.9m up 15 percent (2010: $281.5m)
    • Phase 2 of LightSquared Cooperation Agreement implemented
    • Acquisition of Ship Equip announced and completed
  • Inmarsat Group Limited – Q1 Highlights
    • Inmarsat Global revenue $222.8m up 21 percent (2010: $183.6m)
    • Total EBITDA $204.1m up 23 percent (2010: $165.7m)
    • Profit before tax $124.8m up 51 percent (2010: $82.6m)
    • Free Cash Flow $186.6m up 71 percent (2010: $109.1m)
Andrew Sukawaty, Inmarsat’s Chairman and Chief Executive Officer, said, “During the quarter we saw strong overall revenue growth resulting from our Cooperation Agreement with LightSquared including the first revenues from Phase 2 of the agreement. The revenue performance of our core MSS business was in line with management expectations. New product sales continue to be very strong, but some usage trends and other factors continue to constrain our MSS growth. We continue to expect growth in our core MSS revenue for 2011 to be within our 2 percent to 4 percent range.” To read the entire financial report, access this direct infolink.