In its latest set of results, the company notes that this compares with an 8% year-on-year reduction in FY 2020, adding that the latest fall reflected the impact from customers’ ‘right-sizing’ volumes in mature markets (Western Europe and the US), lower US wholesale revenue and the decision to reduce exposure to low margin services.
International market revenue was higher year-on-year, while continued growth in the number of paying subscribers led to year-on-year growth in HD+ where the combination of an increase in the cost to renew a 12-month subscription from March 2021 and introduction of new IP-based solutions into the market are expected to support the future development of the business.
As of June 30, SES delivered over 8,650 total TV channels to 361 million TV homes around the world. This included more than 3,120 TV channels in HD which had grown by 8% compared with 30 June 2020. As of June 30, 69% of total TV channels were broadcast in MPEG-4 with an additional 4% broadcast in HEVC.
SES had total revenues of €875 million in H1, down 7.7% on a year earlier. Its adjusted EBITDA was €544 million (-6.5%) and adjusted net profit €152 million (+34.5%).