Inmarsat advances by air and by sea

Inmarsat's Global Xpress (GX) programme is expected to accelerate top-line growth and expand its presence in markets such as passenger aviation and superyachts, management tells us - highlighting that its first customer is the US government. But global coverage could be delayed by six months following a failed test of Russian rocket Proton-M, which was expected to launch its second and third GX satellites. That translates into a $30m to $40m cut to next year's revenue and cash profits, estimates broker Jefferies.

The group's aviation and commercial maritime sales rose 16 and 36 per cent, respectively, as subscribers flocked to its FleetBroadband and SwiftBroadband platforms. But those gains were offset by a 38 per cent slump in sales to the US government, reflecting troop withdrawals from Iraq and Afghanistan and a tight grip on the federal budget.

Inmarsat announced plans to offer in-flight broadband to commercial airline passengers, with British Airways as a launch customer. It also released Fleet One – a voice and data service for sailors and fishers – and bought shipping-communications specialist Globe Wireless for $46m.

Broker Jefferies expect EPS of 46¢ in 2014, up from 23¢ last year.