Eutelsat has posted revenues of €1,476.4 million for the full year 2014-15, or 3% more on a like-for like basis than the previous year.

Video applications, which accounted for 63% of the total, were at €913 million 3.5% up on year-on-year. Although the latter were boosted by the entry of Express-AT1, good performance of Eutelsat Americas, resources added at the 7/8 degrees position, as well as growth at 16 degrees East, 36 degrees East and 7 degrees East, they were to a small degree offset by the negative impact of negotiations with Russian customers for around €2 million, along with lower revenues at 23.5 degrees East and the non-renewal of contacts with some service providers at the Hot Bird position.

As of June 30, Eutelsat satellites broadcast a total of 5,793 channels, or 47 more than a year earlier. HDTV penetration continued to increase, with the total number of channels broadcasting in the format standing at 687 at of the end of June. This represented 11.9% of the total, up from the 584, or 10.2%, a year earlier.

Commenting on the full year 2014-15 results, Michel de Rosen, chairman and CEO of Eutelsat Communications, said: “The past year has seen a number of significant commercial successes notably renewals at the Hot Bird and 16 degrees East video neighbourhoods, as well as several contract wins in Africa and MENA, and a strong performance by Satmex, that now operates as Eutelsat Americas. All applications contributed to growth.

“Our deployment plan is paving the way for the future, with the order of Eutelsat 172B equipping us to accelerate our expansion in Asia-Pacific from 2017, and the successful launch of Eutelsat 115 West B, the first all-electric commercial satellite, that will bring expansion capacity to the Americas. The development and procurement of the software-defined Eutelsat Quantum satellite also underlines our commitment to innovation for our clients as a driver of growth.

“Revenue growth for 2015-16 is targeted at 2-3%, reflecting the impact of Russian contract renegotiations, delays to our launch schedule and the current pressure on Government Services. In 2016-17 it should accelerate to 4-6%, thanks to the arrival of new capacity for fast-growing markets, albeit with a delay of Eutelsat 65 West A.

“Revenues will continue to be underpinned by our solid backlog, representing over four years of revenues, as well as the positive dynamics in our targeted growth markets and applications. We remain committed to generating value for our shareholders, with a proposed dividend this year up 6% to €1.09, representing a payout ratio of 70%.”