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Inmarsat Plc Reports Interim Results 2012

Stocks in this article: ISAT

LONDON, August 3, 2012 /PRNewswire/ --

Inmarsat plc (LSE: ISAT.L), the leading provider of global mobile satellite communications services, today provided the following information for the six months ended 30 June 2012.

Inmarsat plc - Highlights

  • Total revenue $684m (2011: $683m)
  • Inmarsat Global MSS revenue $367m up 1.4% (2011: 362m)
  • EBITDA $381m (2011: $427m)
  • EBITDA excluding LightSquared $332m (2011: $336m)
  • Profit before tax $223m (2011: $255m)
  • Interim dividend of 16.94 cents (US$), up 10%
  • Strong growth in Maritime revenue, up 13%
  • Over 30,000 FleetBroadband terminals installed
  • Over 65,000 active IsatPhone Pro terminals

Inmarsat Group Limited - Second Quarter Highlights

  • Total revenue $329m (2011: $359m)
  • Inmarsat Global MSS revenue $189m up 4.2% (2011: $181m)
  • Inmarsat Solutions revenue $205m (2011: $189m)
  • Total EBITDA $176m (2011: $223m)
  • MSS active terminals up 13%

Rupert Pearce, Inmarsat's Chief Executive Officer, said, "The results for the first half and second quarter show that we have returned our core MSS business to growth, fuelled by continuing strong subscriber take up and the benefits of pricing initiatives.  In light of on-going momentum in subscriber additions, we are making further progress towards meeting our expectations for the full year."  

Inmarsat plc    

                                               2012 Half    Half  Increase/
    (US$ in millions)                               year    year (decrease)
    Inmarsat Global                                441.2   472.6      (6.6%)
    Inmarsat Solutions                             396.2   364.7       8.6%
                                                   837.4   837.3     -
    Intercompany eliminations and
    adjustments                                   (153.2) (154.4)
    Total revenue                                  684.2   682.9       0.2%

Inmarsat Global

                                      2012 Half   2011 Half  Increase/
    (US$ in millions)                      year        year (decrease)
    Maritime voice services                41.4        46.9     (11.7%)
    Maritime data services                159.5       131.3      21.5%
    Total maritime sector                 200.9       178.2      12.7%
    Land mobile voice services              5.5         3.3      66.7%
    Land mobile data services              60.7        77.0     (21.2%)
    Total land mobile sector               66.2        80.3     (17.6%)
    Aviation                               49.4        48.6       1.6%
    Leasing                                50.4        54.8      (8.0%)
    Total mobile satellite services       366.9       361.9       1.4%
    Other income                           74.3       110.7     (32.9%)
    Total revenue                         441.2       472.6      (6.6%)

Growth in our maritime data revenue resulted primarily from the impact of pricing initiatives, in particular as a result of the elimination (with effect from January) of volume discounts previously available for older services and the implementation of certain price changes (with effect from May) in relation to our FleetBroadband service.  We continue to see strong take up of our FleetBroadband service.  During the half year 2012, we added 4,305 FleetBroadband terminals, of which 2,295 were added during the second quarter.  At the end of the half year we had more than 30,000 active FleetBroadband terminals.  In addition, the migration of certain leasing business to our maritime sector also contributed to our maritime revenue growth.  

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