Eutelsat Communications released its full year 2023-24 results for the year ending June 30.
The company achieved all its financial objectives for the year, with significant contributions from its video segment accounting for 61% of its turnover.
FY 2023-24 Video revenues were down by 6.8% to €651 million, reflecting the secular market decline in this application. In the first half, this trend was accentuated by the effect of sanctions against Russian and Iranian channels as well as of the early non-renewal of a capacity contract with Digitürk from mid-November 2022.
On the commercial front, recent highlights include the renewal and extension of capacity by Poland’s TVN Warner Bros. Discovery at Eutelsat’s Hotbird neighbourhood, as well as the consolidation by United Media Group of its entire DTH broadcasting activities at Eutelsat’s 13° East and 16° East hotspots.
Professional Video revenues, which account for less than 10% of the Video vertical, also decreased, reflecting structural headwinds as well as the seasonality of some events. We expect it to be mildly boosted by the Olympic Games in Q1 FY2024-25.
Fourth quarter revenues stood at €159 million down by 6.2% year-on-year and broadly stable quarter-on-quarter.
