- Satellite provider Inmarsat reiterated its guidance despite swinging to a loss in the first quarter of the year amid weakness in its maritime business and subdued demand for its legacy products.

For the three months to 31 March, the company reported a pretax loss of $266.9m, compared with a profit of $56m a year earlier, as revenue increased just 0.4% to $1.5m.

Earnings (EBITDA) fell 12.9% to $152.4m in the quarter.

Maritime revenue declined by 9.5% in Q1 2019, as strong growth from Fleet Xpress was offset by lower terminal sales and lower revenue from FleetBroadband, partly as a result of vessel migrations to FX, and continued decline in revenues from legacy products, the company said.

The company reiterated its outlook for the group, targeting mid-single digit percentage revenue growth on average over the five year period, 2018 to 2022, with EBITDA and Free Cash Flow generation improving steadily.

For 2019, revenue, excluding Ligado, was expected in the range of $1,300m to $1,400m and cash Capex of $500m to $600m per annum for 2019 and 2020, respectively.

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