Satellite Solutions Wldwide Grp PLC Trading and Acquisitions Update (3438Q)
November 29 2016 - 1:00AM
UK Regulatory
TIDMSAT
RNS Number : 3438Q
Satellite Solutions Wldwide Grp PLC
29 November 2016
Satellite Solutions Worldwide Group plc
("SSW" or the "Group")
Trading and acquisitions update
Trading ahead of expectations
Satellite Solutions Worldwide Group plc (AIM: SAT), the global
communications company specialising in rural and last mile
broadband, provides a trading update for the financial year ended
30 November 2016.
Due to the strong performance of the combined existing and
acquired businesses, the financial results for the year to 30
November 2016 are expected to be ahead of current market
expectations.
During the year, the Company completed six acquisitions, secured
GBP12m of new unsecured convertible debt funding from the Business
Growth Fund and completed a successful equity placing, raising
GBP12.1m to fund acquisitions.
Acquisition update
The on-boarding and integration of Avonline, Breiband and
SkyMesh, which were acquired in July and August 2016, is on track.
Organic growth is strong, particularly in Australia, where c.1,000
net new connections are now being added per month. Additionally,
distribution partnership opportunities have been identified in both
Scandinavia and Australia, which will be pursued in 2017.
Outlook
The Company enters 2017 with tremendous scope for both organic
and acquisitive growth, both within existing markets and new
territories. High levels of recurring revenue, increasing economies
of scale and largely fixed overheads mean the Company is now
structured to deliver significant revenue growth, high levels of
operational gearing and strong cash generation over the next twelve
months.
The Company is on track to exceed its previously stated strategy
of achieving 100,000 customers by the end of the 2017 financial
period.
Andrew Walwyn, CEO at SSW commented, "The rapid and successful
integration of the acquisitions which we have completed around the
world, both big and small, show the robustness of our systems and
management's ability to control growth. Our focus on increasing
revenues, cost control and, most importantly, cash generation, is
already starting to be shown in these results.
"We have enjoyed a tremendous 2016: customer numbers have more
than trebled, new products have increased the scale of the
opportunity, and we have started to create a truly global operating
footprint. Given the plans that we have in place, I look forward to
an even better 2017."
For further information:
Satellite Solutions Worldwide www.satellitesolutionsworldwide.com
Group PLC
Andrew Walwyn, Chief Executive Via Walbrook PR
Officer
Strand Hanson (Nominated Tel: +44 (0)20 7409
Adviser) 3494
Andrew Emmott / Ritchie
Balmer
Arden Partners plc (Broker) Tel: +44 (0)20 7614
5900
Catherine Miles / James
Felix / Ciaran Walsh
Oakley Capital (Financial Tel: +44 (0)20 766 6900
Adviser)
Chris Godsmark / Victoria
Boxall
Walbrook PR (PR advisers) Tel: +44 (0)20 7933
8780
Paul Cornelius / Nick Rome or ssw@walbrookpr.com
About SSW
Established in 2008, SSW specialises in the provision of rural
and last mile broadband services with customers across 32
countries. SSW's solutions target B2C and B2B users, and the
Company has products developed specifically for the broadcasting,
Police and Military markets. SSW operates a number of brands such
as Europasat (Europe), Breiband (Nordics) and SkyMesh (Australia)
and is now the fourth largest independent provider of satellite
broadband internet services in the world.
Last year's listing on the London Stock Exchange together with
the support from Business Growth Fund and the investor community
this year have put the Company in an excellent position to continue
strong organic growth in its subscriber base and recurring revenues
as well as execute on its preferred acquisition partners. The
Directors of SSW believe there is a major opportunity to continue
this organic growth and as appropriate consider acquisitions
throughout the fragmented European satellite broadband market and
further afield.
Working closely with satellite owners and operators, SSW targets
customers in the 'digital divide' with solutions that deliver up to
30 Mbps satellite based broadband services or fixed wireless to
almost any premises, whether residential, commercial or industrial
across Europe and Australia, irrespective of location or local
infrastructure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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