SPEEDCAST INTERNATIONAL LIMITED
SPEEDCAST INTERNATIONAL LIMITED
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Ticker: SDA
ISIN: AU000000SDA9

Speedcast International Ltd (SDA.AX) 2018 Annual Report

  • 21
Sydney, Australia (ABN Newswire) - Speedcast's (ASX:SDA) (FRA:7SC) (OTCMKTS:SPPDF) Revenue grew 21% to USD 623.1 million, including USD 7.5m contribution from two acquisitions completed in 2018 and the full year impact of acquisitions completed in 2017.

In 2018, Speedcast achieved strong organic growth across three of its divisions (Maritime, Government, and Enterprise and Emerging Markets (EEM)), however Energy division revenue continued to decline due to ongoing delays in the offshore Energy market recovery. Despite a challenging year the Company had several significant achievements, including signing the two biggest customer contracts in company history, completing the strategic Globecomm acquisition (at an attractive valuation and doubling revenue in the high growth Government division), and establishing a back office shared service centre model including transitioning to a common ERP system.

Maritime revenue grew 10% to USD 219.7 million. This growth was driven primarily by VSAT activations in Commercial Shipping and bandwidth growth and customer wins in the Cruise business.

Energy revenue was down 14% to USD 158.3 million due to continued delays in the recovery of the offshore Energy sector. However, second half 2018 revenues were 8% higher than first half 2018 revenues.

EEM revenue grew 27% to USD 147.9 million. This strong growth was driven by the first phase of the NBN contract in Australia as well as growth in wholesale voice activity.

Government revenue was USD 97.3 million in 2018. On a pro forma basis1 this represents a 16% increase, driven primarily by growth in intelligence, surveillance and reconnaissance services and increased U.S. defence spending.

Statutory profit for the year after tax attributable to owners of the Company decreased by 69% to USD 1.9 million.

The statutory results include costs which are non-recurring in nature, such as acquisition-related costs, integration costs, accelerated amortisation of loan establishment costs and foreign exchange gains on forward contracts undertaken in relation to acquisition funding. The financial performance of the Group excluding these non-recurring factors has also been presented in this report and is identified as being the "underlying" result.

To view the full Annual Report, please visit:
http://abnnewswire.net/lnk/1H41896Y



About Speedcast International Ltd:

Speedcast International Ltd (ASX:SDA) is the largest provider of remote communications and IT services in the world. Speedcast's fully managed service is delivered via a leading global, multi-access-technology, multi-band and multi-orbit network of 70+ satellites and an interconnecting global terrestrial network, bolstered by extensive on the ground local support from 40+ countries. This global "network of networks" allows customers to fully rely on the most robust, integrated infrastructure available in the market for their mission critical applications. Speedcast is uniquely positioned as a strategic business partner, tailoring communications, IT and digital solutions to meet unique customer needs and enable business transformation. Speedcast extends its managed services through differentiated technology offerings including cyber-security, crew welfare, content solutions, data and voice applications and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 2,000 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, NGOs and Government. Learn more at http://www.speedcast.com



Source:

Speedcast International Ltd



Contact:

Toni Lee Rudnicki
Vice President, Global Marketing
Speedcast International Ltd
E: [email protected]
T: +1-832-668-2634
 
ABN Newswire
ABN Newswire

ABN Newswire is a business newswire and press release distribution service for listed companies on stock exchanges globally. ABN Newswire distributes company announcements to the professional platforms, finance portals and syndicates important corporate news to a wide variety of news aggregators and financial news systems.