The UK government lost more than £340 million (€297.4m) in Eutelsat’s OneWeb Company according to a report in the Sunday Telegraph newspaper.

The report states that the investment (of a total of £517 million) was “championed” by Dominic Cummings, at the time an advisor to the Conservative government led by Boris Johnson.

The government agreed to invest an original £347 million into OneWeb in order to rescue the UK-based satellite business from bankruptcy. The UK later put in another £143 million into OneWeb, which subsequently merged with Eutelsat.

Eutelsat’s shares have suffered over the past year, falling some 38 per cent.

However, revenues have shown sustained double-digit growth in its Connectivity division, and up 65 per cent year-on-year (and 62 per cent for “strong growth” in Q3).

Eutelsat has just wrapped its financial year (on June 30th) and will report its full year and Q4 results on August 7th.

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Categories: Articles, Business, Funding, Satellite

Tags: Boris Johnson, eutelsat, OneWeb