Inmarsat CEO Rupert Pearce discusses three big takeaways from today’s Full Year Annual Results 2018 that have seen Inmarsat Global Xpress revenues grow 85% and IFC revenues by more than 100%.
We’re very happy with our 2018 results announced today; they show tremendous progress in both our strategic and tactical goals.
Three big metrics to take from the numbers today. Number one: our Global Xpress revenues grew 85% year over year, which is a very strong proof point about our long-term ambitions to deliver this exciting broadband network into growth and success across many market verticals.
Number two: we grew our inflight connectivity revenues more than 100%. We’ve doubled the revenues year over year, which is beginning to position ourselves as the leader in inflight connectivity globally, in what is projected to become one of the biggest satellite services markets in the world.
And number three: for the third year running we grew our government revenues. Over the last three years now, together over those three years, we’ve grown our government revenues more than 33% showing great, strong growth characteristics as well. So when we look back on 2018, it’s a story of diversified growth. When you add Maritime into the fray, our largest business today, we’ve got many shots on goal to continue growing Inmarsat, both in revenues and EBITDA.
And finally, we also look ahead to a period over the horizon in 2021 and beyond, when our next generation networks will allow us to meaningfully moderate our Capex so that taken together with the revenue growth, we’ll see a big expansion of free cash flow just over the horizon.