2023 ANNUAL RESULTS - Seite 2

In 2023, three of the Group’s four business segments grew at solid rates and improved their profitability from the previous year. Cybersecurity sustained its strong momentum, achieving a growth rate of 9.2% while continuing to improve its revenue mix, notably driven by the growth of managed security services. In parallel, the IoT segment witnessed a remarkable threefold increase in revenues, propelled by the widespread adoption of RecovR, its asset tracking product. Public Access showcased a strong performance with a 16.5% growth in net revenues. Conversely, the Digital Television business experienced a 14.3% decline in revenues compared to the prior year.

The Group's total revenues and other operating income increased from USD 715.9 million to USD 761.5 million. Net revenues increased by 6.4% to USD 750.8 million on an as-reported basis. The Group generated an EBITDA of USD 28.7 million in 2023.
 

DIGITAL TELEVISION: ACCELERATED CHANGE IN AN AGE OF MARKET DISRUPTION

Digital Television revenues decreased by 14.3% to USD 257.8 million. Over the past years, the Digital Television business has shifted from a hardware-based model, heavily reliant on sales of smart cards and other hardware, to a more resilient software and service-oriented model.

The transition to a software and service-oriented model is reflected in the sales performance of the Digital Television business in 2023. Smart card and hardware sales saw a continued decline, decreasing from USD 51.7 million in 2022 to USD 32.5 million. Revenue generated from professional services also decreased by USD 8.8 million in 2023 due to the completion of some major projects. Additionally, in 2022, the Group recorded a one-off patent licensing transaction amounting to USD 5.5 million. Conversely, software, maintenance, and royalties demonstrated greater resilience, experiencing only a limited single-digit percentage decline compared to the previous year.