Speedcast gains from acquisitions

Mar 02 2018

Satcoms service provider, Speedcast International’s full year 2017 revenue was $514.2 mill, a 136% increase over 2016, and correspondingly EBITDA grew by 195% to $122.6 mill.

The EBITDA margin surged to 23.8% (2016: 19%) reflecting the impact of cost synergies from the integration of Harris CapRock and operational leverage from increased scale, the company said. 


Last year’s figures included two months of UltiSat contribution, a transaction completed on 1st November, 2017.


Revenues of $14.1 mill and EBITDA of $2.4 mill were included in the Speedcast full year results. Excluding UltiSat, Speedcast delivered $500 mill in revenues and $120.2 mill in EBITDA.


With the acquisition of Harris Caprock in January, 2017, Speedcast provides service to approximately 70% of the cruise ships around the world, serving the two top global cruise fleets in addition to multiple smaller fleets


In 2017, Speedcast Maritime revenues saw an 18% growth as over 650 new VSAT services were activated for commercial maritime customers.


"2017 was a transformative year for Speedcast during which we firmly established our leadership position in the industry and built a unique global platform, with a stronger ability to win business," said Pierre-Jean Beylier, Speedcast CEO. "Our 2017 results demonstrate the benefits of our scale and the synergies derived from the acquisition of Harris CapRock.


“Speedcast's leadership in the key verticals we serve positions the company well for good financial performance in 2018. We will continue to focus on customer satisfaction, on innovation in all that we do, and on our people, who are our biggest asset," he said.


Speedcast has also announced that CFO Ian Baldwin will be leaving the end of this month for family reasons and will be pursuing a new opportunity. Speedcast said that it is s actively recruiting a new CFO with the right experience and leadership to drive the company through its next phase of growth.


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