Kudelski returns to profit on back of stronger than expected digital TV growth

Kudelski, owner of TV technology outfit Nagra, returned to profit last year on the back of stronger revenues and a return to growth in its digital TV business.

The company posted revenues of US$778.8 million, up from US$741.5 million, driving EBITDA of US$72.4 million and net income of US$20.4 million, compared with a loss of US$18 million in 2020.

Digital TV delivered a strong 2021, increasing net revenues by 2.8% year-on-year to U$355.1 million.

This growth was fuelled by positive momentum in EMEA and Asia, with strong profitability and successful launches of solutions that address new market segments and respond to an increasing demand for watermarking and anti-piracy services, the company said.

With 2021 digital TV revenues ahead of expectations, the group expects revenues that are stable or slightly declining at a single-digit rate for the current year, however. Kudelski expects 5% to 8% year-on-year revenue growth and an EBITDA between US$55 and US$75 million.

In addition to digital TV, the company saw strong growth in its cybersecurity and IoT units during 2021.