Set-top vendor ADB saw double-digit revenue growth in the first half of the year, despite the company’s broadcast business declining due to tough market conditions. The scaling down of ADB’s retail business also contributed to lower sales during the first half. However, the acquisition of Pirelli Broadband meant ABD saw solid growth in its broadband business.
ADB reported first half revenues of US$172 million (€120 million), a year-on-year increase of 22%. EBIT was US$0.9 million, compared with US$3.7 million a year earlier.
Andrew Rybicki, ADB CEO and chairman, said: “The results of the first half of 2011 were in line with our expectations in respect of the operating profitability…The overall situation of the broadcast market caused smaller than expected revenue development in the first half of 2011. However, the first positive and clearly visible results of our emerging business in the US (Charter and Time Warner) and India, show a real business potential there. Similarly, our traditional European business has also brought significant new opportunities, to be announced soon.”
ADB said Europe constituted 93% of revenues, with western Europe contributing 69% and eastern Europe 24% to the business. Americas brought 6% and Asia Pacific 1% of the revenue during the first half of 2011.
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