Inmarsat warns on profit

Inmarsat, the London-listed satellite communications group, yesterday warned a difficult outlook for its US government business and a later-than-planned launch of its new GX satellite would hit operating profit next year.

It said that much of the costs of rolling out its new GX network would still come next year, which would combine with investments in one of its other networks and the impact of cuts to US spending on defense to hit profits.