High-end sales deliver ADB profitability
Sales of high-end digital TV equipment have helped bolster sales at ADB Group. The company grew revenues for the full year 2008 by 22.6% on 2007, the US$360.8 million coming in ahead of the Group’s expectations. Net profits of US$14.9 million were up a substantial 172% on the previous year.
Andrew Rybicki, chairman and CEO of ADB Group said the results demonstrated ADB had addressed the problems that had impacted on the company’s performance since 2006. “We have overhauled the ship completely and made it more resilient to such external factors by diversifying our supplier base, decreasing certain dependencies and significantly strengthening internal controls and the management.” Rybicki said he anticipated the company to maintain a high level of profitability during 2009, despite the current environment.
Sales of HDTV product accounted for 72% of revenues in ADB’s Digital TV Equipment segment, up from 57% on 2007. PVRs of both high and standard definition represented 39%.
IPTV products accounted for 27% of Group revenue, terrestrial 18%, cable 39% and satellite 13%, the latter exclusively through high-end product.