October 21, 2016
Technicolor reported a 30% year-on-year increase in Q3 profits as its Connected Home and Entertainment Services divisions continued to drive growth.
Announcing its third quarter revenues, Technicolor said they were up 29.8% at constant and 29.3% at current currency, coming in at €1.135 billion – reflecting “solid organic performance” and “further benefits from last year acquisitions”.
Technicolor, which completed its buyout of Cisco’s set-top box division for US$600 million (€561 million) last November, said its Connected Home division, where this asset now sits, turned in a “solid performance” with revenue up 82.9% on a like-for-like basis to €606 million.
Second half revenues for Connected Home will be in line with first half revenues with a strong focus on execution in a “market challenged by component shortages and international shipping disruptions,” said Technicolor.
Entertainment Services, which covers services including post-production, VFX and virtual reality (VR), experienced a 16.6% increase in revenues at constant rates to €486 million.
The company also cited the launch of its VR and augmented reality (AR) Technicolor Experience Center in July as a highlight for the quarter.
“Our third quarter revenues have been solid as we continued to perform well and win major new awards across all our activities,” said Technicolor CEO, Frederic Rose. “We confirm our objectives for 2016 and remain strongly focused on operational execution.”
