Australian satellite communications company, NewSat (ASX:NWT), has released its financial results for the six months to December 31, 2009, recording revenue growth of 21 per cent to $11.9 million for the period.
Net losses for the half year hit $509,000, a reduction of 71 per cent year on year over the results posted on December 31, 2008, which saw a net loss of $1.75 million.
The company also recorded a maiden positive EBITDA of $0.3 million.
In an ASX statement, the company said it had over the period increased its annuity monthly revenue stream by almost $300k per month while minimising contract churn.
In the same period, in excess of 200 new enterprise contracts were signed with an average value of $30k per annum.
“Both of these figures represent an improvement in comparison to the previous six months demonstrating higher quality and value contracts during the period,” the company said in the statement.
“The sales pipeline is comparatively stronger than the previous period as a result of NewSat’s continued high customer satisfaction ratings, 99.99995% uptime and fast customer service deployment, a more streamlined sales lead generation system and a new company website.”
At the time the company said it planned to undertake the telemetry, tracking and control for Jabiru-1 and would also be the sales and marketing arm for the satellite.