SES has announced financial results for the six months ended 30 June 2020, with CEO Steve Collar calling the performance ‘solid’ in challenging trading times.
In its mobility segment, underlying revenue grew by 22.6% (year-on-year) to €115.1 million with double-digit growth in both Aeronautical and Maritime. Strong growth (year-on-year) in Aeronautical reflected the full year impact of the important new business signed during 2019 and notably utilising SES-15, SES-14 and SES’ Ka-based aero network, as well as connectivity services delivered to the business aviation segment.
As the vast majority of SES’ commercial contracts, including in Mobility, are fixed, the H1 2020 performance was largely unaffected by the impact of COVID-19 on customers and end markets served by SES in the Cruise and Commercial Aviation segments. Nevertheless, it is expected that the development of both existing revenue and pace of new business will be impacted during the second half of the 2020.
The company also announced an investment in four additional O3b mPOWER satellites, expanding the constellation to 11 satellites. The total cost of the additional investment is €480 million including €250 million over the period 2020-2024 and the remaining expenditure thereafter. The investment further de-risks the overall project and will enhance the constellation efficiency, increase total throughput by 90% and expand geographic coverage.
SES-17 is scheduled to launch in Q3 2021and will serve mobility markets in the Americas. The first three satellites of the global O3b mPOWER constellation are due to launch in Q3 2021, with a further three in Q1 2022, and satellites 7-9 in H2 2022. Satellites 10-11 launch in H2 2024.