Share Dealing
Market update (PM): Inmarsat in high orbit at trading close
Rob Langston, 08 November 2010
Global satellite network operator Inmarsat saw share price rise by 3 per cent to 695p after reporting in its third quarter results that revenue had grown by 18.8 per cent to £191.3 million ($308.8 million) from £161 million ($260 million).
An increase in pre-tax profit was also reported, rising by 37.8 percent to £65.3 million ($105.4 million) from £47.4 million ($76.5 million) in 2009.
Andrew Sukawaty, chairman and chief executive at Inmarsat, said, 'Growth in the third quarter was driven by strong growth in aeronautical and leasing services and by improved results from maritime, our largest sector.
'With solid revenue growth and tight cost control, our profitability and cash flow growth remain very healthy. We are on track for a good result for the year.'
Rolls Royce, which had hit the headlines due to the use of its Trent 900 engines in Quantas planes that have since been grounded, saw share price rise by 2.7 per cent to 607p.
In a statement today, the firm said problems with the Trent series of engines were restricted to the 800 model.
Catering services provider Compass Group meanwhile saw share price rise by 5.6 per cent to 537p.
The Royal Bank of Scotland Group was the biggest faller at the end of trading, shedding 3 per cent from its share price dropping to 43.64p. Royal Bank of Scotland slipped after reports that Nomura had reiterated its 'reduce' recommendation for the part-nationalised bank.
It was followed by mining group Anglo American, which saw share price drop by 2.4 per cent to 2,955.5p, while outsourcing specialist Serco Group dropped 2.3 per cent to 560p.
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