3 October 2011 – final results

Annual results for the year to 30 June have shown that the group has made excellent progress.  Although it is still very early days in the group’s development, with revenues of just £5.5m (2010: £5.8m) reflecting the cessation of legacy businesses in preparation for the launch of the first satellite, the year has been one of significant progress.  After tax losses of £9.7m (2010: £1.9m) reflect the investment being made by the group which is seeing strong demand for the available capacity on its satellites.  Cash at the end of the period was £38.8m (2010: £ 34.2m) and prospects remain very encouraging.  The shares have fallen dramatically over recent months and the share price fall has even been mentioned in the chairman’s statement.  We believe that prospects for the company remain very promising and the shares are a BUY.