Scotland’s Clyde Space Reports Strong Annual Growth, Two New Contracts
PARIS — Small-satellite builder Clyde Space of Scotland on Oct. 27 said it sharply increased revenue and operating profit in the past year and booked two contracts with European and U.S. customers equivalent to more than its full-year sales.
Glasgow-based Clyde Space, which is prime contractor for the UKube-1 cubesat launched this year, said it is moving into larger quarters to accommodate what it said is likely to be continued strong growth in its business.
For the year ended April 30, Clyde reported 2 million British pounds ($3.2 million) in revenue, up from 1.1 million pounds the previous year. Pretax profit was 120,000 pounds, up substantially from a year earlier, the company said.
“Our market has grown at an average of 40 percent per year for the past five years, and this is set to continue,” Clyde Space Chief Executive Craig Clark said in a statement.
Clyde Space recently won a contract, valued at 1.2 million pounds, with LuxSpace of Luxembourg to provide power systems for two small satellites for maritime surveillance using Automatic Information System technology. LuxSpace is partnering with the European Space Agency and exactEarth of Canada to build the satellites for exactEarth’s commercial ship-monitoring service.
A second contract, valued at 940,000 pounds, with Spire Inc. of the United states is for cubesat power systems with solar arrays.
Clyde said it would be increasing its staff in the coming year to 50 from the current 40.