Kudelski hit by strength of Swiss Franc

Conditional access and interactive TV technology provider Kudelski expects a further decline in revenues this year after being hit by the strength of the Swiss Franc in its year-end results for 2011.

The company posted revenues of CHF897 million (€743 million), down from CHF1.069 billion for the previous year, and an operating income, excluding restructuring charges, of CHF35.3 million, down from CHF110 million. The company posted a net loss of CHF17.7 million.

Kudelski said it expected reduced revenues of CHF830-855 million for 2012 and an operating income, excluding restructuring costs, of CHF35-50 million.

The company said that the digital TV segmenent had remained positive in 2011, with new customer wins, a positive traction for the group’s latest generation of products, and selected regions, such as Latin America, continuing to deliver strong growth in constant currency. It also said it had seen growth in internet TV, where its PRM solutions had gained traction. The year also saw the turnaround of Kudelski’s OpenTV middleware and advertising activities, which returned to profitability on a full year basis.
The company said its restructuring programme was on track, with CHF15.8 million of savings realized in 2011. Kudelski has set a target of reducing its annual operating expenses by CHF90 million a year.