Satellite communications group Inmarsat is flying high after announcing a 12.5% rise in 2008 earnings.
Its shares are now top of the FTSE 100 leaderboard, up 27p to 457p, as it also raised its dividend by 5%. The company has attracted takeover interest from 28% shareholder Harbinger, which is currently in the middle of a lengthly process of seeking regulatory approval for any deal. It is unlikely anything will happen before July. Meanwhile, commenting on today's figures, Investec said:
"Inmarsat has reported a resilient set of fourth quarter results with a positive outlook. We are upgrading to buy (from sell) and we place our target price under review pending forecast changes. Outlook indicates momentum from 2008 has continued through to this year and maritime is holding up well, whilst cash flow remains strong."
There had been concerns the maritime division could be hit by a downturn in the shipping sector, especially as larger vessels are used less as the global recession continues. But these figures suggest there has been little impact on trading so far.
.png?w=600)
