SES, which sells transmission capacity to the likes of BSkyB, Canal Plus, Premiere and NBC, said on Friday it expected recurring revenue growth of about 3 percent in 2011, down from 5.1 percent in 2010.

"It will rise strongly thereafter as the group will benefit from the full-year impact of the new capacity launched in 2011," SES said, adding it had cut its 2010-2012 growth target to 4-5 percent from 5 percent.

SES, whose business suffered little pain in the downturn, said core fourth-quarter profit (earnings before interest, tax, depreciation and amortisation) rose 16 percent to 335 million euros ($455 million), compared with a forecast for 318 million.

SES's growth has broadly come from expansion in emerging markets and migration to high-definition broadcasts in the developed world.

On Thursday, Eutelsat, SES's main European rival, reported first-half revenue grew 13.3 percent to 576 million euros with EBITDA up 12.5 percent to 463 million.

Intelsat took over the number one spot from SES with its $3.2 billion takeover of PanAmSat completed in 2006. Eutelsat is the other main commercial satellite operator.