Eutelsat upgrades targets after solid full-year results

Satellite operator Eutelsat expects to become a €1bn company by the end of the current financial year, with an EBITDA objective of over €780m.

The company upgraded its targets for the 2009-12 period in the wake of solid 2008-09 results. Eutelsat reported full-year revenues of €940.5m for 2008-09, up 7.2% year-on-year, with EBITDA of €742.1m, up 6.7%. Group share of net income was €247.3m, up 43.6%.

Eutelsat said it had a backlog of orders worth €3.94bn, up 15.5% year-on-year. Chairman and CEO Giuliano Berretta said that the results reflected “very favourable trends for the future, including the steady take-up of pay-TV driven by new HDTV offers, contract renewals at significantly higher prices, the clear recovery of Data Services and the development of our Value Added Services activity which addresses broadband markets”.