Shares in Inmarsat took a dive on the FTSE 100 in morning trading after the satellite operator reported a slowdown in growth in the fourth quarter.
In the full year ended 31 December total revenue increased 12.9 per cent to $1.2 billion, while pre-tax profit rose 69.4 per cent to $333.5 million.
In the fourth quarter however growth was somewhat slower, with revenue rising 8.4 per cent to $292.1 million and EBITDA up 18.2 per cent to $171.8 million.
The group said that its final dividend for the year would be 22.69 cents per share, up 10 per cent from the previous year.
Andrew Sukawaty, Chairman and Chief Executive Officer of Inmarsat, commented, "We delivered a strong performance in 2010 with total revenues up 12.9% driven by growth of 6.5% in core MSS revenues and by a second half contribution from our Cooperation Agreement with LightSquared. While a slowdown in growth in the last quarter of 2010 and early 2011 has resulted from lower usage levels for some of our products, continued growth in new terminal activations and positive market reaction to our new services mean that we remain confident in future MSS growth prospects and in our 5-year growth target. In addition, in 2011 we will recognise substantial revenue in connection with our Cooperation Agreement with LightSquared."
By 11:35 shares in Inmarsat were down 10.45 per cent on the FTSE 100 to 613.00 pence per share.