French receiver manufacturer Netgem continues to progress, announcing first quarter revenues up 39% on a like for like basis.
The consolidated revenues of €46.9 million excluded the contribution from the content and services arm, which was deconsolidated in January.
A key contract for Netgem is held with mobile company turned IPTV operator SFR, which produces revenues both from software licences and new terminal deliveries. Sales outside of SFR increased seven-fold including deliveries made on some of the company’s recently announced contracts. In addition to SFR, Netgem counts Telstra of Australia, Monaco Telecom, Elisa in Finland, Algeria Telecom, Melita Telecom and FetchTV in the UK among its customers. However, France with sales of €43.3 million continues to represent the lion’s share of business.
Nethem raised its dividend to 10% on its 2008 earnings to €0.11.