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March 5, 2015

Inmarsat’s growth hampered by flagging gov’t business

The company released its FY and Q4 financial results today.

By Alexander Sword

Inmarsat has released its preliminary results for Q4 and FY 2014, showing steady revenues and strong profit growth.

The satellite communications company posted Q4 revenues of $333.0 million, up year-on-year from $314.8 million. The company saw a small rise in full year revenues of 1.9 percent, up to $1,285.9 million from $1,261.9 million in 2013.

The quarter saw profits of $84.9 million. Full-year operating profits rose from $238.4 million in 2013 to $409.3 million in 2014.

For Q4, the company saw revenues rise from $2.4 million to $18.5 million year-on-year. Wholesale Mobile Satellite Service revenues reached $211.8 million, a 9 percent rise from 2013.

For the full year, the company’s maritime and aviation units saw revenue growth of $70.8 million and $27.7 million. Business from LightSquared also increased $63.1 million, while enterprise was nominally down but saw underlying growth of 6.2 percent.

However, Inmarsat‘s government business declined by $88.4 million.

Rupert Pearce, Inmarsat’s Chief Executive Officer, commented: "2014 was a year of solid delivery for Inmarsat and also a year in which we took major steps towards delivering the compelling growth opportunities that will transform our business.

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"Continuing underlying L-band growth in Maritime, Enterprise and Aviation during the year was offset by continued weakness in our Government business in the US, although this decline slowed towards the end of the year.

"Global demand for high-speed mobile data communications continues to surge ahead. GX will transform the experience for broadband users at sea, in the air and in remote locations, connecting them to the data-rich services and applications that are now a core part of everyday work and life.

He concluded: "We expect 2015 to be another year of building for the medium-term, with continuing steady growth in L-band in all our businesses except Government, particularly in the US, and benefitting from some early stage GX revenues."

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