NewSat scores $2.35m in new deals
- 07 July, 2011 18:00
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.