Advanced Television

Kudelski H1: Net revenues up 6.2%

August 26, 2021

The Kudelski Group, a provider of media content protection and value-added service technology, has published its 2021 half year results. Total revenues and other operating income increased from $320.1 million (€272m) to $340.5 million. Net revenues for the Group grew by 6.2 per cent to $335.7 million, reflecting positive developments in Digital TV, Cybersecurity and IoT.

In this first half, the Group generated $15 million of EBITDA, a $10.1 million improvement over the previous first half. Digital TV delivered a strong semester, increasing net revenues by 7.6 per cent and EBITDA by 15.5 per cent from the previous first half. The segment continued to benefit from efforts made to streamline operations, further reducing operating expenses by $3.3 million compared to the prior first half. Overall, Digital TV improved EBITDA by $5.7 million to $42.6 million.

In the first half 2021, the Group’s cybersecurity business generated gross revenues of $71 million. Net revenues were at $45.4 million, representing a growth of 17.3 per cent compared to first half 2020. The segment posted a $9.5 million operating loss before depreciation and amortisation, improving by $2 million compared to the prior year period.

The Group’s IoT segment posted revenues of $2.6 million for the first half 2021, representing growth by a factor of 2.5 compared to the prior first half.

Covid-19 continues to affect Public Access results. Overall, the segment generated a positive EBITDA of $0.7 million, representing a $5.1 million improvement compared to last year’s period.

During the first half 2021, the Group generated $30.5 million cash flow from operating activities and repaid $27.1 million of debt. In this period, the Group repurchased a nominal amount of $9.1 million of its 2022 bond and $2 million of its 2024 bond.


In the Digital TV segment, the Group expects revenues in the second half to be higher compared to the first half, maintaining the positive momentum of the last months.

In the Cybersecurity segment, the Group plans with full year revenues growing at a double-digit rate. Such positive momentum is expected to result in a year-on-year improvement of segment operating income before depreciation and amortisation.

RecovR, the new IoT asset tracking solution for automotive dealerships, should drive IoT revenue growth. The Group expects 2021 IoT revenues to at least double compared to 2020.

The Group confirms its initial guidance for 2021 with revenue growth and EBITDA between $65 and 80 million. Digital TV and Cybersecurity segments should evolve better than originally expected, offset by the slower than anticipated recovery of Public Access and supply chain constraints in IoT.


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