Speedcast International announces 143% revenue growth for half year 2017

Speedcast International Limited (ASX: SDA), the world´s most trusted provider of highly reliable, fully managed, remote communication and IT solutions, has announced its financial results for the six-month period ended 30 June 2017, with group revenues of USD 246.3 million, a 143% period-on-period increase, the company said.

Group revenues grew 143% to USD 246.3 million for the period ended 30 June 2017, while service revenues grew 165% to USD 231.9 million.

Underlying EBITDA profitability was USD 52.8 million, a 210% increase over the same period last year. EBITDA margins grew 470 basis points to 21.4% in 1H17.
Underlying NPATA, excluding non-recurring costs, was USD 15.1 million, an increase of 86% period-on-period.

Strong operating cash flows (96% of underlying EBITDA), generated as a result of improved working capital disciplines, delivered balance sheet de-leveraging in line with expectations. Net debt reduced from USD 356 million at 31 December 2016 to USD 333 million at 30 June 2017.

The Board declared a fully franked interim dividend of AUD 2.40 cents per share for the six-month period ended 30 June 2017, consistent with the final dividend for 2016 and utilising the maximum amount of franking credits.

Speedcast International provides end-to-end remote communication and IT solutions. The company utilizes an extensive worldwide footprint of local support, infrastructure and coverage to design, integrate, secure and optimize networks tailored to customer needs. With differentiated technology, an intense customer focus and a strong safety culture, Speedcast serves more than 2,000 customers in over 140 countries via 39 teleports, including offshore rigs and cruise ships, 10,000+ maritime vessels and 4,500+ terrestrial sites.