Performance Highlights - H1 2017
Revenues up 9.4%, in spite of still challenging markets, driven by Government, Aviation and Global Xpress ("GX"):
- Maritime: against a tough comparator in Q2 2017, strong growth in higher bandwidth services, resilient L-band revenues, and legacy product continuing to decline, as anticipated, with further improved revenue mix expected in H2 2017
- Government: continued outperformance, reflecting material new business win, particularly impacting Q2, first CSSC revenue, increased Boeing revenue & higher operational tempo
- Aviation: sustained double digit revenue growth in Core business and further positive momentum in In-Flight Connectivity ("IFC"), with Avianca and Qatar Airways contract wins, bringing total aircraft expected under signed contracts to 1,200, and service with Deutsche Lufthansa Group going live
- Enterprise: growth in M2M but continuing difficult markets otherwise
- Ligado: revenues up $9.3m to $62.7m, reflecting exercise of 30MHz option in March 2016
- GX revenues of $59.9m in H1 2017, including $27.8m in Q2 2017
EBITDA up 2.2%, reflecting growth in revenues, continued investment in Aviation IFC market capture and higher operational delivery costs (which will continue through H2 2017)
Successful launches of Inmarsat-5 F4 and Inmarsat-S EAN satellites, build of 5th GX satellite announced and European Aviation Network ("EAN") on track for commercial deployment in Q4 2017
Outlook and future guidance remain unchanged
Interim dividend increased by 5% to 21.62 cents per share (2016: 20.59 cents per share)
