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NewSat scores $2.35m in new deals

NewSat scores $2.35m in new deals

Satellite operator NewSat (ASX:NWT) continued its push for more business in May and June, signing 36 capacity deals worth a combined $2.35 million.

The company said it had scored new business for FY11 totalling $16 million, lifting recurring revenue to $2.5 million monthly and $30 million annually by the end of the financial year.

The most recent deals include another agreement – this time with Proactive Communications – to supply satellite communications services to US military troops in Afghanistan.

It follows the April signing of a $4.4 million contract covering 15 Afghani locations, and a $2.4 million deal arranged earlier in the year covering Southern Afghanistan.

Other contract wins in the tail-end of FY11 were to supply various remote mining and pipeline sites in Australia, and a deal with a partner in Timor Leste to provide services for the US Navy.

NewSat CEO Adrian Ballintine said based on its contract wins, the company forecasts a strong performance in FY12.

NewSat plans to launch its first geostationary communications satellite, Jabiru-1, in the final quarter of 2012.

In February, the company arranged to acquire the orbital slots required for its Jabiru fleet.

NWT shares fell 14.29% in Thursday's trading to $0.006.

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Tags revenuesatelliteNewSatjabiru-1business dealsASX:NWT

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