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SpeedCast International
Limited Achieves Strong
Growth for Half Year
2015
26 August
2015
SpeedCast International
Limited announced strong
half year 2015 results
for the period of
January through June
2015.
Financial
Highlights
-
SpeedCast achieved a
strong operating
result in 1H 2015,
demonstrating double
digit year-on-year
growth across all
major P&L metrics.
-
Statutory revenues
grew 32% to $71.7
million. Compared
with 1H 2014 pro
forma revenue, which
includes the full
period impact of
acquisitions
completed in 2014,
total revenue grew
23%, with core
service revenues
growing 32% over the
same period.
-
Underlying EBITDA
profitability was
$12.7 million, a 32%
increase on the
prior comparative
period (pro forma 1H
2014: $9.6 million)
and EBITDA margins
continued to improve
from 16.4% to 17.7%
in 1H 2015 as
integration
synergies relating
to the 2014
acquisitions were
realised, and
despite the dilutive
margin impact of the
Hermes and Geolink
acquisitions.
-
The group delivered
a statutory profit
of $2.2 million
compared with a loss
in the 2014
comparative period
of $5.5 million.
-
Underlying NPATA,
excluding
non-recurring
transaction related
costs, was $6.8
million for 1H 2015,
an increase of 42%
for the period (pro
forma 1H 2014: $4.8
million).
-
The Board has
approved the payment
of a fully franked
dividend of AU 3.00
cents per share,
which equates to
approximately 40% of
underlying NPATA for
the 6 months ended
30 June 2015.
Operational Highlights
-
During the first
half of the year,
the group secured
significant new
contract wins in the
Telecommunications,
Government, Maritime
and Energy sectors.
The Maritime
business grew 38%
year-on-year, well
above the market
average growth rate,
as SpeedCast
continued to add
vessels and grow its
market share. In
the Energy sector,
the group continued
to establish itself
as a global player
and a credible
alternative to the
current major
players servicing
this industry. The
group’s strategy in
this market is well
progressed with the
first significant
results expecting to
flow through in 2H
2015.
-
During the
period, SpeedCast
continued to acquire
companies in either
key verticals and/or
geographies where
the Company sees
long-term
sustainable growth
opportunities. The
acquisitions of
Hermes
Datacommunications,
Geolink Satellite
Services, SAIT
Communications, and
the teleport and
satellite services
business of NewSat,
were all completed
in 2015. These
acquisitions were
all predominantly
funded by debt and
accretive to
shareholders
immediately.
-
Activities are well
underway to
integrate these
acquisitions into
the broader
SpeedCast Group and
deliver the
identified
synergistic benefits
in 2015 & 2016.
SpeedCast Chief
Executive Officer,
Pierre-Jean Beylier
commented, “We continued
to deliver strong
financial performance
with significant growth
across our key operating
metrics. We finished
the first half with a
strong backlog of work
won, but not yet
activated. This,
coupled with the
significant wins already
achieved in the second
half, will underpin the
delivery of organic
growth in the second
half of 2015 and into
2016.”
“The execution of our
strategy, combining both
organic and acquisitive
growth, continued in 1H
2015 with the
acquisition of four
companies, continued
expansion of our
business in the maritime
segment, and a string of
early successes in our
new Energy business,
which is poised to
become a new major
growth engine for the
group,” Mr. Beylier
added.
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