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Inmarsat results outline FX growth

Inmarsat has published its Q1 2018 financial results, showing a small increase in maritime revenues as its installed base of Fleet Xpress customers continues to grow.

{mprestriction ids="1,2"}The maritime portion of the company’s business delivered revenues of $142 million for the quarter, up 1.6 per cent from the same period in 2017. Maritime continues to be by far Inmarsat's largest market, representing more than 40 per cent of revenues, and almost double its next largest market sector, government services.

Revenue from VSAT products – both XpressLink and Fleet Xpress – increased by 18.5 per cent in Q1 2018, with 3,259 Fleet Xpress vessels installed at the end of the period (total VSAT installed vessels stood at 4,726, including XpressLink).

A total of 645 Fleet Xpress installations were recorded for the first quarter of 2018. Approximately half of these were upgrades from FleetBroadband, and a little more than a quarter were XpressLink migrations.

The total number of FleetBroadband vessels installed reduced by approximately 2,400 over the course of the year since the Q1 2017 results, with a 35,343 ships having the system onboard at the end of the quarter this year.

Average monthly revenue per user for the quarter stood at $778 for FleetBroadband customers, and $2,549 for VSAT customers (including both Fleet Xpress and XpressLink).{/mprestriction}

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