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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Avanti Communications Group PLC    AVN   GB00B1VCNQ84

AVANTI COMMUNICATIONS GROUP PLC

(AVN)
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Avanti Communications Group PLC : Chancellor Increases UK Space Industry Investment

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11/09/2012 | 07:58am EST
  • Additional £60 million to be delivered over next two years
  • Investment aims to attract more hi-tech jobs and contracts to Britain

Avanti welcomes the announcement made today by the Chancellor of the Exchequer, Rt Hon George Osborne MP of a £1.2 billion investment in the European Space Agency over the next five years.  This increases the previous commitment by £60m per annum to help attract hi-tech jobs and strengthen the UK's position as a global player in satellite and telecommunications technology. 

At a speech delivered at the Royal Society, Chancellor Osborne said the space industry was an important growth sector for the UK which had performed robustly in recent years despite the economic downturn.  

Avanti Communications, which earlier this year launched its second satellite HYLAS 2, was named by the Chancellor as an example of how British companies were leading the way in space sector.

Avanti has a successful record of partnering with ESA to create new satellites, wealth and employment.  Based on an initial contribution of ESA R&D funding in 2007 to its Ka band satellite HYLAS 1, Avanti has gone on to develop an order book exceeding £268m, exporting to over 50 countries, mainly in high growth emerging markets.   

Avanti looks forward to further collaboration with ESA as a result of the British Government's vision and commitment. 

David Williams, Avanti's Chief Executive, welcomed the Chancellor's commitment, adding:

"I am delighted that the government has continued to support the space industry today with a significant increase in the budget for commercial satellite R&D projects. Britain punches above its weight in the space industry, and that is in large part due to the commitment of government over many years to fostering an eco-system of regulatory support, R&D funding and innovation. The Intellectual Property created in the UK is stimulating massive growth in export earnings. In prioritising its budget in this way, the government has shown industry that it is serious about high tech job and wealth creation and the importance of export earnings in rebalancing the economy. Now it's down to us to do our bit."

For further information on Avanti please contact:

College Hill 

Tel: +44 (0) 20 7457 2020

Adrian Duffield / Jeremy Durrant

About the announcement today

The Chancellors speech, which mentions Avanti, can be found at 

  • The space industry generates GDP of £8.2 billion
  • The Space industry grew 9% per annulm since 1999 despite 5 years of tough economic backdrop
  • The UK leads the world in advanced high bandwidth equipment and services
  • The space industry invests 6% of turnover in R&D
  • 80% of employees in the space industry have a degree
  • The ESA "Artes" programme was instrumental in the creation of  Avanti's first and third satellites. The 25% increase in the UKs contribution to this budget is therefore important to Avanti. 

About Avanti

  • Avanti sells satellite data communications services to telecoms companies which use them to supply residential, enterprise and institutional users.
  • Avanti's first satellite called HYLAS 1, launched on 26 November 2010 and is the first superfast broadband satellite launched in Europe.
  • Avanti's second satellite, called HYLAS 2, launched on 2 August 2012. It extends Avanti's coverage to Africa, Caucasia and the Middle East.
  • Avanti's third satellite HYLAS 3, to be launched in partnership with ESA in 2015, will provide further capacity in the EMEA region
  • Over 80% of Avanti's fleet capacity will address the emerging telecommunications markets of Africa, Caucasia and the Middle East.
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