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ABS Full
Year Results Update and Recent
Developments
ABS Group1
reports solid performance for the
twelve months ended 30 September
2024
Operating
Highlights
-
Senior management team refreshed
with appointment of new Chief
Executive Officer and Chief
Business Development Officer
-
Major new contract wins with key
partners including Gilat
Telecom, Rignet and Sonema
-
Strengthening collaboration with
Tier 1 satellite operators in
regions where ABS has valuable
capacity they require
-
Established strategic
partnership with Telespazio to
deliver enhanced connectivity
services
Financial
Highlights
-
Revenues of $66.3 million, down
4% YoY under very competitive
market conditions
-
Adjusted EBITDA2 of
$35.9 million at 54% margin
-
Free cashflow3 stable
at $19.1m
-
Net debt of $31.6m, following
$15.0m debt paydown since August
2022
-
Industry-leading net debt
leverage of 0.9x at 30 September
2024
Mark Rigolle,
CEO, said:
“ABS has
delivered another strong set of
numbers outperforming the broader
GEO satellite market with revenues
excluding customers serving the CIS
market largely flat year over year.
We have been laser-focused on
developing our distribution into new
markets in order to counter the
headwinds the sector is facing from
Starlink in particular. We remained
highly cost-disciplined while
growing our pipeline of sales
opportunities and building
partnerships in order to develop our
orbital slot filings.
ABS has
incredibly strong assets. Our team
is second to none and in particular
our technical department is one of
the most efficient in the industry.
Our satellites are healthy with many
years of useful revenue life ahead.
The quality of our Ka-band
filings is superb and the focus of
our longer term growth plans is to
develop these filings in
strategically-important,
high-potential markets for both
commercial and defence users.
Having joined
last May I have come to appreciate
the strengths of ABS and look
forward to continuing the success we
have been enjoying with our existing
assets, while driving forward the
building of the platform for future
growth.”
Parm Sandhu,
Chairman, said:
“Mark has
brought a new energy to ABS and very
quickly has assembled a world class
management team in Dubai. ABS has a
unique set of highly valuable assets
which this team with our strong
capital structure is well positioned
to monetise.”
Summary Statement
of Comprehensive Income (US$m)
|
Year
Ended 30 September
|
|
2024
|
2023
|
|
Revenue
|
66.3
|
68.9
|
|
Cost of
Goods and Services
|
(35.9)
|
(31.4)
|
|
Administrative Expenses
|
(17.9)
|
(18.1)
|
|
Add back:
Depreciation & Amortisation
|
22.7
|
18.4
|
|
Other
Items & Adjustments
|
0.7
|
1.3
|
|
Adjusted
EBITDA
|
35.9
|
39.1
|
Summary Statement
of Financial Position (US$m)
|
As at 30
September
|
|
2024
|
2023
|
|
Property,
Plant & Equipment
|
226.2
|
245.5
|
|
Other
Non-Current Assets
|
9.8
|
11.1
|
|
Total
Non-Current Assets:
|
236.0
|
256.6
|
|
Non-Cash
Current Assets
|
22.7
|
16.5
|
|
Cash and
Cash Equivalents
|
11.5
|
17.0
|
|
Total
Current Assets
|
34.2
|
33.5
|
|
Less:
Current Liabilities
|
(26.1)
|
(22.9)
|
|
Net
Current Assets
|
8.1
|
10.6
|
|
Long Term
Loans
|
(43.1)
|
(43.1)
|
|
Other
Non-Current Liabilities
|
(47.3)
|
(56.3)
|
|
Net
Assets
|
153.6
|
167.8
|
Summary Statement
of Cash Flows (US$m)
|
Year
Ended 30 September
|
|
2024
|
2023
|
|
Net Cash
Generated from Operating
Activities
|
20.0
|
19.5
|
|
Net Cash
Used in Investing Activities
|
(0.9)
|
(0.5)
|
|
Repayment
of Loans
|
-
|
(7.5)
|
|
Dividends
Paid
|
(19.9)
|
(16.7)
|
|
Other
Financing Cash Flows
|
(4.6)
|
(3.9)
|
|
Net
(Decrease) / Increase in
Cash & Cash Equivalents
|
(5.4)
|
(9.1)
|
|
Cash and
Cash Equivalents at
beginning of the year
|
17.0
|
26.2
|
|
Effect of
Foreign Exchange Rate
Changes
|
(0.1)
|
(0.1)
|
|
Cash and
Cash Equivalents at end of
the year
|
11.5
|
17.0
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Footnotes
-
The results reported herein are
the consolidated financials for
ABS Midco Limited, the principal
holding company for the ABS
Group
-
Excludes one-off non-recurring
items and foreign exchange gains
and losses
-
Net cash generated from
operating activities less net
cash used in investing
activities
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