Avanti Communications Group Plc Quarter 1 Trading Update and Notice of AGM (7462A)

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RNS Number : 7462A

Avanti Communications Group Plc

31 May 2019

Avanti Communications Group plc

Quarter 1 Trading Update and Notice of AGM

Avanti Communications Group PLC (AIM: AVN) ("Avanti" or the "Company"), a leading provider of satellite data communications services in Europe, the Middle East and Africa, announces its trading update for the three months ended 31 March 2019. Revenue for the quarter was $14.3m (Q4 2018: $12.8m) and EBITDA was ($4.6m). The period end cash balance was $16.3m and the period end backlog was $164.3m.

Trading remains on target against internal plans. The previously announced cost optimisation project has started well, and the Company is well placed to achieve the savings targeted for the full year, which should result in a positive EBITDA from the bandwidth business in 2019.

Avanti also announces that a notice of Annual General Meeting ("AGM") will be posted to shareholders today and is available to download from the Company's website at www.avantiplc.com.

The Company will be holding its AGM at The Bridewell Suite, Crowne Plaza London - The City, 19 New Bridge Street, London EC4V 6DB on Monday 24 June 2019 at 9.30 a.m.

As announced on 28 May 2019, the Company will not be in a position to publish its audited financial results for the 18 month period to 31 December 2018 until on or around 7 June 2019 and as a result, it will not be possible for the accounts to be laid at the AGM.

As such, it is expected that the resolutions relating to the laying of the annual report and accounts, appointing KPMG LLP as auditor of the Company and authorising the Directors to determine the remuneration of the auditor will be proposed at a separate general meeting, to be convened as soon as practicable after the AGM.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Upon the publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.

For further information, please contact:

 
Avanti Communications      Nigel Fox 
                            Tel: +44 20 7749 1600 
 
Cenkos Securities (Nomad)  Max Hartley, Katy Birkin 
                            Tel: +44 207 397 8900 
Newgate Communications     Adam Lloyd 
                            Tel: +44 (0)20 3757 9842

About Avanti

Avanti connects people wherever they are. Through the HYLAS satellite fleet and partners in 118 countries, our network provides ubiquitous internet service to an end market of over 1.7bn people. Avanti works together with like-minded people and organisations to go the extra mile, developing new, innovative and pioneering satellite solutions that help to liberate the potential of people, businesses and government departments across EMEA. We have invested $1.2bn in the latest Ka-band satellite technology and shaped it to meet our customers' aspirations.

Avanti is listed in London on AIM (AVN: LSE). www.avantiplc.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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May 31, 2019 04:36 ET (08:36 GMT)

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