SES revenues down in latest financial results
Satellite operator, SES, has reported its nine-month numbers “with performance continuing to be in line with expectations”, yet revenues down were 3.9 per cent, EBITDA down 6.6 per cent and operating profit down 19 per cent (all at constant foreign exchange rates).
Overall reported revenue stood at €1,451.9 million, while video revenues were down 8.1 per cent. The Networks division saw revenue growth of 5.1 per cent overall, and the Mobility segment saw an impressive 14.6 per cent increase.
In its report (for the nine months ended 30 September 2019) the company said it is “on track to deliver its financial outlook, with nearly 95 per cent of FY 2019 expected group revenue now contracted”.
Steve Collar, CEO, commented: “For the seventh consecutive quarter, our results are in line with our expectations and with the outlook that we have given to the market. As expected, we are seeing revenue and EBITDA expansion flowing through in the second half of 2019 with strong control over costs and discretionary spending and the continued rationalisation and simplification of our business and organisation.
“Execution remains the focus for the rest of the year as we look to close out 2019 with a strong Q4 outturn, much as we did in 2018 and implied in our financial outlook which remains unchanged.
“In Video, we completed the combination of our infrastructure and services capabilities; launched a dedicated TV platform in Ethiopia; secured important renewals in our core neighbourhoods; and introduced new products, such as a Satellite/OTT synchronisation capability, managed cloud playout through our partnership with Microsoft Azure and the further development of our in-house orchestration platform SES 360.”
Meanwhile, at the beginning of September, SES announced that Andrew Browne, Chief Financial Officer, had decided to step down in October and that the search for a successor was underway and an announcement will be made in due course.