The Speedcast International Ltd (ASX: SDA) share price went up almost 10% after winning a contract.
Speedcast International is a satellite services company with operations stretching from Brisbane around to Perth. Ships, mining companies, Government groups and other parties can use their services for communication.
Speedcast’s Positive News
Speedcast has had a volatile week. After tanking due to releasing disappointing earnings guidance earlier in the week, where the share price fell around 50% over two days.
However, yesterday the company won a contract from the US Department of Homeland Security contract which has a total ceiling value of $3 billion over a five year term according to the Australian Financial Review.
Speedcast Government Chief Executive Moe Abutaleb was quoted as saying: “Speedcast Government is honoured to have been selected as an awardee under the TacCom II vehicle. We are committed to bringing leading-edge technologies, equipment, network and technical services to support DHS and its end users on this important program.”
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.