Eutelsat Communications has released its full-year results for 2023-24, covering the period ending June 30. The company successfully met all its financial targets for the year, with a strong performance driven by its video segment, which contributed 61% to its total turnover.
The FY 2023-24 Video revenues experienced a decrease of 6.8% to €651 million, reflecting the ongoing decline in this market sector. This trend was particularly pronounced in the first half of the year, impacted by sanctions against Russian and Iranian channels as well as the early termination of a capacity contract with Digitürk in mid-November 2022.
Despite these challenges, Eutelsat achieved notable commercial successes. Key highlights include the renewal and extension of capacity agreements with Poland’s TVN Warner Bros. Discovery at the company’s Hotbird neighborhood. In addition, the United Media Group consolidated its entire DTH broadcasting operations at Eutelsat’s 13° East and 16° East hotspots.
Professional Video revenues, accounting for less than 10% of the Video vertical, also experienced a decline, reflecting broader industry trends and the seasonality of certain events. However, Eutelsat anticipates a mild increase in Professional Video revenue in Q1 FY2024-25, driven by the Olympic Games.
Fourth-quarter revenues reached €159 million, marking a 6.2% decrease year-on-year but remaining relatively stable compared to the previous quarter.