Avanti losses widen

Satellite operator Avanti Communications Group posted a much wider full-year loss on higher costs after it decided to manage three satellite projects instead of one in the period.

Avanti, whose results for the year include the first revenue from its superfast broadband satellite HYLAS 1, said it started the early-stage work for the construction of its third satellite in the series, while the second one, HYLAS 2, was on track for launch in the first half of 2012.

"Our pipeline of new business gives us confidence in our ability to meet expectations," Chairman John Brackenbury said in a statement.

The company also said it completed a launch insurance policy for HYLAS 2 with a sum insured of £211m.

July-June pretax loss widened to £12.7m from £2m last year. Revenue fell six percent to 5.5 million pounds.

Avanti shares have lost 60 per cent of their value since the start of 2011.