Inmarsat's 2003 results

In Inmarsat's 2003 results, released in April/May this year, it reports that the maritime industry still accounts for around half of the company's entire revenue, although it is declining, with 2003 maritime revenue $245m, compared to $254m in 2002 and $269m in 2001. 

The land revenue on the other hand is steadily increasing, with $164m in 2003, compared to $125m in 2002 and $97m in 2001.

Air revenue is still small and flat, with $13m in 2003, $11.5m in 2002 and $12.3m in 2001. 

A further revenue stream is described as "leasing (including navigation", some of which earned by the maritime industry, earning $61m in 2003, $51m in 2002 and $37m in 2001.

Both INVSAT and Rydex show gradually declining or flat revenues; INVSAT earned $20m in 2003, $20m in 2002 and $24.6m in 2001, whilst Rydex earned $1.19m in 2003, $1.44m in 2002 and $1.46m in 2001.

Total Inmarsat revenues of 2003 were $504m, an increase of 8.9 per cent compared to 2002 (with the bulk of this increase earned in the land sector as described above).

Inmarsat currently has 117 staff in marketing and business development, 145 in network and satellite operations, 116 in product development / engineering and 159 in business infrastructure, admin, finance and legal.

President Michael Storey was paid $1.31m in 2003.

Inmarsat notes that it recovered minus $3.5m from the liquidator of Merasis, parent of e-procurement venture Setfair (or in other words, Setfair cost $3.5m to liquidate on top of the company's original $100m investment in it).

Inmarsat's investment in Airia, a venture established in May 2000 to provide live news and sports to commercial aircraft was also written off at the end of 2001; Inmarsat attributes this failure to the aviation industry being hard hit after Sept 11.

Inmarsat notes that in the first quarter of 2004 management completed a review of business operations and is implementing a program to increase focus on core business.