NewSat scores $2.35m in new deals

Recent customer wins, including new US military supply deals, have lifted satellite company NewSat's (ASX:NWT) recurring revenue to $2.5m per month

Satellite operator NewSat (ASX:NWT) continued its push for more business in May and June, signing 36 capacity deals worth a combined $2.35 million.

The company said it had scored new business for FY11 totalling $16 million, lifting recurring revenue to $2.5 million monthly and $30 million annually by the end of the financial year.

The most recent deals include another agreement — this time with Proactive Communications — to supply satellite communications services to US military troops in Afghanistan.

It follows the April signing of a $4.4 million contract covering 15 Afghan locations, and a $2.4 million deal arranged earlier in the year covering Southern Afghanistan.

Other contract wins in the tail-end of FY11 were to supply various remote mining and pipeline sites in Australia, and a deal with a partner in Timor Leste to provide services for the US Navy.

NewSat CEO Adrian Ballintine said based on its contract wins the company forecasts a strong performance in FY12.

NewSat plans to launch its first geostationary communications satellite, Jabiru-1, in the final quarter of 2012.

In February, the company arranged to acquire the orbital slots required for its Jabiru fleet.

NWT shares fell 14.29% in Thursday's trading to $0.006.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments