Australia's Beam Communications gains on better Q1 results, forecast

Beam Communications Holdings

30/10/2023 04:31

** Shares of Beam Communications  BCC.AX  rise as much as
16.7% to A$0.21, their highest since Sept. 15
    ** Mobile satellite solutions developer says Q1 recurring
revenues increased by 85.5% on pcp
    ** Co says performance to expectations, including
anticipation of much stronger cash holdings over FY24
    ** Adds, co's positive outlook supported by contractual
orders and commitments from Iridium
    ** Stock down 20% YTD as of last close
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))