SES boosted by solid 2009 performance

Satellite operator SES is maintaining its expectation of delivering over €400m of new annual revenues by 2015, following a solid set of 2009 full-year results, as 12 satellites currently under construction come on stream.

President and CEO Romain Bausch said the company had “excellent growth prospects, as also reflected in the increase of the contract backlog, and we look forward to continuing to deliver value to shareholders”.

The operator expects further growth to emerge from its minority investment in the new broadband satellite constellation being developed by O3b Networks targeting markets underserved by traditional terrestrial infrastructure.

SES’s revenue grew by 4.4% to €1.702bn for the year. Recurring revenue was €1.683bn, up 1.7%. EBITDA grew by 8.1% to €1.89m, while recurring EBITDA was €1.22m, up 5.2%. The company improved its EBITDA margin slightly and reported an EBITDA margin for recurring infrastructure of 82.9%, which it said was the highest ever recorded or the industry. SES turned in an operating profit of €700m, up 12% year-on-year.