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.
For more, click on To see Avanti's statement, please click on Reuters messaging rm://firstname.lastname@example.org ($1 = 0.6240 British pounds)
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