Inmarsat up in spite of state revenues blow
INMARSAT, the global satellite communications group, yesterday said it had steady revenues and profit growth in 2014 yesterday, despite ongoing weakness in its government division.
“Continuing underlying L-band growth in maritime, enterprise and aviation during the year was offset by continued weakness in our government business in the US, although this decline slowed towards the end of the year,” said chief executive Rupert Pearce with the firm’s preliminary full year results to 31 December.
Revenues rose nearly two per cent to $1.28bn (£840m) while profits soared to $342.3m, boosted by the non-recurrence of an $185.2m impairment charge it booked in 2013.
But the growth could have been even higher if not for a 21.7 per cent drop in revenues from Inmarsat’s government division.