PeerTV, the AIM listed provider of technology solutions for the OTT market and printed circuit board production sector, has announced sharply improved results for the 2013 trading year. Gross revenue rose by over 50 per cent to $3.01 million, up from $1.96 million in 2012. At the same time, management has successfully driven operating costs down from $2 million in 2012 to just over $1 million for 2013, reducing overall losses to $1.8 million.
During the past year, both parts of the PeerTV group have performed strongly, winning significant new client business. Digitek, the printed circuit board specialist, won sales totalling $6.3 million, whilst PeerTV successfully signed orders to deliver its Android based OTT set top box solution into the Russian, Polish, US and Irish markets.
Commenting on the results, PeerTV group chairman Eitan Yanuv said, “During the year, management focus at Digitek was on strengthening the customer base and obtaining the approvals necessary which will allow us to tender for certain high growth sectors in the future, including the military and medical equipment. These will offer the possibility of high value, mass production orders. At the same time, PeerTV successfully launched our Android based OTT set top box into the market. Reaction from both consumer end users and the OTT providers has been extremely warm, with positive feedback focussing on the usability and flexibility of the system.”