Netgem has announced revenues of €35.6 million after the software and services company announced a 55% increase in its recurring revenues.
It follows growth a 33% growth in its subscriber base with 677,000 signed to the Netgem.tv service through independent broadband and fibre companies.
Non-recurring revenues, including the sale of set-top boxes and service activation fees, are down following Netgem’s exit from hardware activities and the switch to to Android technology.
The newly acquired Eclair activities in July 2023 contributed €2.5 million to revenues in the second half, including €1.3 million in recurring revenues.
“Our growth in 2024 is now driven by three key engines: our Media Services division, serving content publishers, our longstanding activity targeting telecom operators in France, and our international expansion, strengthened by our new products in the areas of cloud gaming and FAST channels,” said Netgem CEO Mathias Hautefort.
The group intends to continue simplifying its organisation leading to a significant reduction in its overhead costs in 2024.
