ADB has said profound changes were needed within the company mitigate the effects of a delay in economic recovery.
The set-top developer says effective cost control helped the group achieve better than expected profitability in the first quarter, but that the EBIT forecast for the year shows lower than anticipated revenues.
Staff numbers have been reduced and operations further streamlined. In March the company announced a restructuring of its executive committee following the integration of the former Pirelli broadband division.
Chairman and CEO Andrew Rybicki said in a statement: “This is clearly a transformational year for the ADB Group, caused mainly by the acquisition of the new type of business and know-how, as well as by accelerated development of the service-oriented activities. It became crystal clear that more profound changes were necessary in the structure of our core business and its management, so we took advantage of the momentum and implemented them at the same go”.
Product demand came predominantly from cable, satellite and broadband, but IPTV and terrestrial lagged behind original forecasts. The company is planning to scale down most of its retail and digital terrestrial business, with the exception of products necessary to serve its most important B2B customers.