HIGHLIGHTS:
USD 827.3 million total revenues and other operating income, with EBITDA of USD 81.4 million ex restructuring costs
In-depth transformation of Group operations enabling future cross-segment synergies, and delivering USD 56.8 million total reduction of Group recurring operating expenses in 2019
Good resilience of Digital TV in mature markets, further portfolio optimization, extension of key customer relationships and deployment of cloud security platforms
Shift of Cybersecurity business to high margin activities and 30% year-on-year growth in EMEA region, particularly in Germany and France
Growing recognition for the Group's offering in IoT, initial launches completed both on-premise and on leading cloud platforms, including AWS and Azure
Completed first set of restructuring measures and launching further transformation program in Public Access
Outlook for 2020: EBITDA between USD 70 and 90 million and positive net income
Proposing a cash distribution (dividend) of CHF 0.10 per bearer share
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 27, 2020 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2019 annual results.
In 2019, total revenues and other operating income decreased from USD 919.7 million to USD 827.3 million. This evolution was mainly driven by the Digital TV segment, which posted a USD 61.3 million decline, reflecting the trend seen in emerging markets. In the Public Access segment, European sales increased by 8.8% in constant currency, while in the Americas, sales decreased 16.5% compared to the previous year. Cybersecurity revenues shifted from lower margin technology reselling to higher margin advisory services, managed security services and proprietary technology sales. IoT generated marginal revenues as the segment's primary focus continues to be the development of a secure IoT platform solution for the market.
Overall, the Group reduced 2019 operating expenses by USD 81.7 million, including USD 56.8 million of cost savings achieved with the ongoing restructuring program, net of the cost of additional investments in the Group's key growth areas. Group EBITDA, excluding restructuring costs, was USD 81.4 million, a USD 5.5 million increase over the previous year.
The Group booked a USD 38.6 million net loss for 2019, including a total of USD 45.0 million of one-off costs from restructuring and from the tax effect of such restructuring measures.
In 2019, the Group generated USD 34.2 million of cash flow from operating activities, compared with a USD -4.7 million in 2018. Cash generation significantly improved in the second half to USD 36.2 million compared to a first-half operating cash flow of USD -2.0 million. The main driver of the year-on-year improvement is the reduction of trade accounts receivable, which generated USD 58.8 million of cash in 2019.
IN-DEPTH TRANSFORMATION OF GROUP OPERATIONS
The Group continued the transformation of its Digital TV organization to further enhance its operational efficiency, lay the foundation for future growth and consolidate its position as a world leader in this sector. Several key structural changes were made to the organization, including the merger of product units into a consolidated entity to deliver a more coherent offering to the market. In June 2019, the Group appointed Nancy Goldberg as Executive Vice President and Chief Marketing Officer, DTV, succeeding Pierre Roy.
The Group united its security brands for the first time at the 2020 CES, demonstrating the compelling value proposition of its end-to-end digital security ecosystem, which spans content protection, IoT and cybersecurity and leverages the strong synergies between Group entities.
The Group initiated a turnaround plan for SKIDATA in July 2019 and appointed David Luken as the new CEO of SKIDATA, with the objective of improving both cash flow generation and profitability.
The Group completed an in-depth review of SKIDATA's operations, defining a blueprint for operating improvements aimed at building an optimized operating model. A first wave of measures was completed with a focus on SKIDATA's US operations, including, in particular, the merger of formerly independent entities, the introduction of Group ERP and supply chain tools, a clean-up of the project portfolio, and the integration and streamlining of critical functions. To accelerate the implementation of its restructuring plan, the Group also replaced SKIDATA's General Manager for the US.
During 2019, Kudelski Security executed several operational changes in order to better enable the implementation of its growth strategy. Such changes include the regional alignment of management and resources for closer client relationship and support, the increased focus on the development of high added value products and increased collaboration with other Kudelski Group business entities. In August 2019, Andrew Howard was appointed as CEO of Kudelski Security.
DIGITAL TV: OPTIMIZATION OF PORTFOLIO AND EXTENSION OF KEY CUSTOMER RELATIONSHIPS
The digital TV market continues to contract, mainly in emerging markets, as a number of established pay TV operators report lower subscriber numbers. However, excluding restructuring costs, the Group's Digital TV segment generated an EBITDA of USD 114.4 million, representing a USD 2.5 million improvement from the previous year. This segment's profitability benefits from the improvement of productivity enabled by the transformation and the reduction of operating expenses driven by the Group's restructuring program.
In 2019, the Group continued to strengthen its partnerships with market-leading operators, especially in developed markets. Among the highlights:
Altice USA and the Kudelski Group expanded their partnership for both Media & Enterprise security by su
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
25/07/2026
New app turns vocal percussion into polished loops
Vochlea, the company behind the voice-to-MIDI instrument Dubler 2, have just announced the launch of a ne...
24/07/2026
First string library captured at Studio Richter Mahr
The latest sample library to be created at Max Richter's Studio Richter Mahr facility captures the ...
24/07/2026
Official emulation of Blackbird Studios reverb chamber
In their latest collaboration with Blackbird Studios, KIT Plugins have captured the sound of the Stud...
24/07/2026
Angela Gomez brings over 14 years of experience in broadcast communications and audio engineering, specialising in live outside broadcasts, live sports and larg...
24/07/2026
Article courtesy of postPerspective
Read the article
While Toy Story 5 maintai...
24/07/2026
Kerry and Mayo fans Up For The Match as excitement builds in Croke Park on the e...
23/07/2026
Staines-upon-Thames, UK, 23rd, JULY, 2026 - Yospace, the trusted leader in Dynamic Ad Insertion (DAI), stitched 11.57 billion one-to-one addressable advertisem...
23/07/2026
Quickly creates reverse reverb effects
Low End Candy have recently released a new plug-in that offers a quick and simple way to create reverse reverb effect...
23/07/2026
New engines, resonators, effects & more
Expressive E's versatile soft synth has just been treated to an update that greatly expands its sonic range. Noi...
23/07/2026
SGL Carbon has further expanded its photovoltaic capacity at its Ort im Innkreis site in Austria. With the commissioning of new PV carports, the sites solar sys...
23/07/2026
Rohde & Schwarz presents new software for three-phase power analysis on MXO seri...
23/07/2026
In our latest blog, Laura Rognoni explores how the launch of Play Snooker reflects a wider shift in sports economics - from monetising peak broadcast audiences ...
23/07/2026
Download Now!
To receive a short case study showcasing Vivid Broadcast's audio setup, please enter the following details:
--
First Name* First Name ...
23/07/2026
X-Rite Pantone and Fashion Institute of Technology (FIT) Partner to Advance Digi...
23/07/2026
Thursday 23 July 2026
New Samsung Galaxy Foldable range available now to pre-order on Sky Mobile
Sky Mobile, the award-winning network voted this year by Expe...
23/07/2026
Thursday 23 July 2026
Jason Statham leads Sky Original action thriller MUTINY in explosive new trailerTurn on cookies to view this content. Go to Privacy optio...
23/07/2026
Wuppertal July 23, 2026
Riedel Implements RefCam and Easy5G for the First Time...
23/07/2026
RT Commercial has today announced Centra as the official food partner once again of The Traitors Ireland, coming to RT One and RT Player later this year.
Ce...
23/07/2026
RT Commercial today announced Honda as sponsor of Today with David McCullagh RT Radio 1, weekdays 9am 11am.
Broadcasting directly after Morning Ireland in ...
23/07/2026
RT News is pleased to announce Barry Gallagher has been assigned as the new journalist covering news from Cork, Kerry and the wider Southern region
Working al...
22/07/2026
Library now available in Engine Player
Another of Eduardo Tarilonte's popular sample libraries has just been moved over to Engine Audio's Engine Pla...
22/07/2026
All-in-one mic & DSP interface overhauled
Cloudvocal have just refreshed the design of their all-in-one mic, audio interface and DSP processor, introducing ...
22/07/2026
The final boss of the lost dual-op-amp circuit
Electro-Harmonix have just introduced the Deluxe Big Muff Pi 2, which they say offers their latest take on t...
22/07/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
22/07/2026
A poisoned spy, a secret war, and a small English city contaminated by a deadly chemical weapon. Available on Sky Documentaries from 4 AugustWednesday 22 July 2...
22/07/2026
Audio at Parity: Comscore Launches Transcript-Level Targeting and Measurement wi...
22/07/2026
Arvato Systems and Lobster Enter into a Partnership and Combine the Integration Platform and Managed Services
Flexible integration solutions for cloud, hybrid...
22/07/2026
RT REPORTS NET SURPLUS OF 22.5 MILLION IN 2025...
22/07/2026
In the Opinion of the Censor airs Monday 27 July at 9.35pm on RT One and RT Player
In the Opinion of the Censor looks at how films for theatrical release wer...
21/07/2026
New research involving a cross-section of Mongolias independent media landscape finds enthusiasm for AI as a tool to improve efficiency, sustainability and resi...
21/07/2026
High-end analogue channel strip boasts plug-in recall
Originally revealed as a prototype back at NAMM 2024, the Channex Studio channel strip represented a b...
21/07/2026
Relies on same DSP as plug-in range
Musik Hack's line-up has been influenced heavily by founder Stan Greene's work as a mixing engineer, and their M...
21/07/2026
Official collaboration with boutique builder Dirty Boy Pedals
Warm Audio have just announced the launch of a new guitar pedal range created in collaboration...
21/07/2026
Rohde & Schwarz showcases broad range of EMC test solutions at EMC SIPI 2026 in ...
21/07/2026
X-Rite Pantone and NIFT Partner to Build Color Management Skills for India's...
21/07/2026
Harmonics cOS Virtualized Broadband Platform and Pearl Remote OLTs Enable Flexible PON Migration, While SeaStar Optical Node Powers Cost-Effective Multi-Gigabit...
21/07/2026
160 hours of Irish storytelling for 2026
KIN and The Walsh Sisters return
RT has today unveiled its most ambitious drama slate ever, with a record-breakin...
20/07/2026
Product range now readily available in the UK
Graph Tech Guitar Labs have just announced the launch of a new UK Online Store that makes it quicker and easie...
20/07/2026
Popular headset gains active noise cancellation
The Maxwell headet was Audeze's first foray into the gaming world, and thanks to its Dolby Atmos compati...
20/07/2026
Monday 20 July 2026
Sky brings free global roaming to millions of loyal custome...
20/07/2026
Red Seat Ventures Announces Introduction of Premium Creator and Podcast Communit...
20/07/2026
FIFA World Cup Final sets new RT Player record as the most-streamed single event in the platform's history
Over 1 million viewers watched live on RT 2 as ...
19/07/2026
Channel strip plug-in gets upgraded
Acustica Audio's vintage-inspired channel strip plug-in has just been treated to an update that expands its tonal ra...
18/07/2026
Captures nine sought-after Fender amps
IK Multimedia's latest TONEX expansion captures a selection of nine rare Brown Panel' Fender amps that were ...
18/07/2026
Latest batch ships alongside firmware update
Since being unveiled at Superbooth 2025, Frap Tools' debut polysynth has been met with widespread praise, a...
HIGHLIGHTS:
