The French connected home specialist reported full-year net revenues of €19.6 million, a fall of 23%, and EBITDA of €2.7 million, 59% down on the previous year.
Launched 15 years ago, Netgem has 9 million homes in over 20 countries connected through Box TV.
But Netgem, which has never been afraid to shift its focus now wants to position itself as a platform for solutions and services for the connected home, meeting the needs of multiservice operators, offering ?à la carte? Connected Equipment and Operated Services.
It comes on the back of the emergence of new competition on services from Ultra High Speed Internet. The company points to the 17 million French households – some 40% of the country – that will run an Open Access model with multiple operators
Netgem has consequently created a venture with Caisse des Dépôts and Océinde to create Vitis, a multi-service and ultra-speed internet operator operating as Videofutur brand. Netgem believes the activities have high growth potential.