Shares in Avanti Communications Group shed as much as 17 percent after the British satellite operator's full-year revenue falls short of market expectations.
The company's revenues more than double to 12.5 million pounds ($20.03 million) as it benefits from its first full year of revenue from its HYLAS 1 satellite, but still falls short of expectations for revenue of 17.2 million pounds, according to Thomson Reuters I/B/E/S.
"Management attributes this to more conservative accounting treatment although underlying growth run-rate for recurring revenues is also below our forecasts," Jefferies & Co analysts say in a note to clients.
The analysts now expect consensus revenue forecasts to be reduced for 2013 and 2014.
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