NewSat has entered the second half of FY10 with monthly annuity contract revenue in excess of A1.9 million dollars as a result of two new contract additions.
While terms of service limit the disclosure of client's names, details of these contracts include;
- Initial contract to provide voice and data communications on the Gorgon gas project on Barrow Island, worth over $1 million dollars annualised.
- Three year contract with a Defence Force contractor for satellite communications worth approximately A$1 million dollars annualised.
The two new contracts follow on from a successful 6 months where NewSat increased contracted new business revenues by approximately 20% against the corresponding period and delivered on its promise to shift an EBITDA loss to an EBITDA profit.
NewSat CEO Adrian Ballintine said, "This continued turnaround in earnings demonstrates the NewSat business model reaching a critical mass where each dollar of new revenue generates an average of 30% EBITDA for the businesses bottom line."
