Satellite Solutions Worldwide says H1 trading in line
Source - SMW
Satellite Solutions Worldwide Group said trading in the six months to May 31 was in-line with management's expectations, with continued strong growth in the customer base and the integration of recent acquisitions as part of the group's growth strategy.
Group revenue increased 261% to £20.6m over the same period in the prior year (H1 16: £5.7m). Recurring revenue increased 281% to £19.4m (H1 16: £5.1m), representing about 94% of total revenue.
Like-for-like organic revenue growth was 13.1% in H1 17 compared to the same period in the prior year, reflecting a solid performance from the core business.
"Furthermore, the contributions from recent acquisitions have enabled SSW to consolidate its position in various growth markets such as the UK, Australia, France and Norway," the company said.
"The group has continued to make good progress in expanding its customer base, driven by the impact of acquisitions and net additions to the core business," it said.
"As a result, total customers have increased from 79,000 at the start of the year to approximately 90,000 currently with progress across all of the Group's operating hubs in the period, with particularly strong customer growth in Australia."
Gross margin was 37.0% in the period (H1 16: 29.5%, FY 16: 34.0%) due to the improved revenue mix across the Group's hubs and EBITDA was in-line with management's expectations.