As Telesat sets its sights on a new downtown location, the firm’s revenues are expected to keep even with last year’s performance.
The Ottawa-based satellite technologies firm announced Monday that it expects revenues between $233 million and $236 million for the quarter ending Mar. 31. That’s roughly in line with the firm’s quarterly revenues of $235 million a year ago. Adjusted EBITDA is also expected to remain consistent year-over-year.
These are not fully-audited figures, but rather Telesat’s expectations for its first quarter performance. The firm had to release these projections early in connection with a potential amendment to its US$2.43 billion loan facility.
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Telesat, which turns 50 years old next year, made waves in Ottawa’s commercial real estate market last month when it told OBJ that it would be moving to a new location on Elgin Street – leaving behind its 30-year hold on Telesat Court in Gloucester.
Over the next year and a half the firm will move into the 20th and 21st floors at Place Bell, where CEO Dan Goldberg said the 240-person firm will have room to grow. The shift downtown is partially driven by a need to court millennial talent, he told OBJ.