Netgem witnessed a 10% fall in revenues during the fourth quarter as growth in international sales failed to compensate for the loss of business in its domestic market.
The French set-top manufacturer also suffered from the well-publicised shortage in hard drives following last year’s floods in Thailand. The company estimated this had an effect of £3 million on its 2011 revenue with a similar figure anticipated for the first part of 2012.
Netgem reported €25.2 million in consolidated revenue, bringing consolidated revenue for the full year 2011 to €84.6 million, with 55% coming from international customers. Full year 2011 revenue in France amounted to €38.3 million, representing a 60% decrease on the previous year, being, following contract changes with the IPTV operator SFR.
The company said it remained profitable and continued to invest. It currently boasts 15 active customers including six that launched in 2011.
