French connected home technology specialist Netgem saw fourth quarter revenues dip 10% after being hit by supply problems caused by the Thailand flooding.
The company posted revenues of €25.2 million for the quarter, down from €27.7 million a year earlier. Full year revenues were down 37% to €84.6 million. Netgem said shortages of hard disk drives as a result of flooding in Thailand had a negative impact of about €3 million on revenues.
Full year revenue in France amounted to €38.3 million, representing a 60% decrease on the previous year as consequence of contract alterations with SFR. The company saw its international business increase 20% in 2011, posting revenues of €46.2 million.
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