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Satellite group SES expects further sales growth in 2023

by Staff GBAF Publications Ltd
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(Reuters) -Satellite firm SES on Monday forecast further revenue growth in 2023 supported by the commercial launch of a key satellites project later this year, after its DRS GES acquisition and a stronger U.S. dollar boosted 2022 sales.

The Luxemburg-based group is building a satellites communication system called O3b mPOWER to address growing demand for connectivity needs of customers. In December, it already launched first two O3b mPOWER satellites as part of the project.

“We are already rolling out O3b mPOWER technology to existing MEO customers,” Chief Executive Steve Collar said in a statement.

SES expects revenue of 1.95 billion to 2 billion euros ($2.06 billion to $2.11 billion) and adjusted core profit of 1.01 billion to 1.05 billion euros this year. The outlook assumes the commercial launch will happen as scheduled in the third quarter.

Its sales amounted to 1.94 billion euros last year, up 9.1% year-on-year and in line with consensus provided by the company.

($1 = 0.9486 euros)

(Reporting by Olivier Sorgho and Lina Golovnya in Gdansk; Editing by Milla Nissi)