Australia's Beam Communications eyes best day in 6-mnths on deal with Iridium

Beam Communications Holdings

07/06/2022 05:37

** Shares of Beam Communications  BCC.AX  climb as much as 
11.1% to A$0.3 - set to mark best session since Dec 2021, if
gains holds
    ** Satellite telecom co announces agreement with Iridium
Communications Inc  IRDM.O  to develop and supply new Iridium
Certus device scheduled to launch later this year  urn:newsml:reuters.com:*:nFWN2XT0VF
    ** BCC says the deal will generate at least $12 mln in
revenues within the first five years
    ** Co says first deliveries of the device are scheduled for
the second half of this year
    ** Expects FY22 revenue to rise by 24% to A$23 mln ($16.50
mln)  urn:newsml:reuters.com:*:nASM000EK1
    ** However, BCC sees EBITDA to be around A$1 mln compared to
A$2.1 mln reported in FY21; sees EBITDA to improve in FY23 
    ** Stock hits highest since May 31 
    ** Stock is down 35.7% this year, as of last close 
    



($1 = 1.3937 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))