Forthnet posts positive 2018 results
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Editor
| 26 April 2019

Despite what it called over-taxation levied on consumers and unfair competition in the TV sector, Forthnet says that strict adherence to its operational restructuring plan has led to positive operating results for 2018.

For the year ended 31 December 2018, the leading Greek, IT, telecoms and pay-TV services provider posted EBITDA of €42.3 million, up 5.3% year-on-year. Total revenues for 2018 amounted to €285.2 million, a 4% annual decrease. Revenue from advertising improved by 14.0% as a result of the continuously upgraded content of the company’s Nova TV business. Pay-TV business revenues amounted to €24.588 million, up 29.6% annually.

At the end of the year, Forthnet recorded 927,000 retail subscriptions from serving 669,000 unique households, 550,000 broadband subscribers and 478,000 retail and wholesale pay-TV subscribers in Greece and Cyprus. The company had 88,122 retail pay-TV customers, a fall of 11.5% compared with 2017.

“In 2018 we recorded EBITDA growth of 5.3% on an annual basis, despite the over-taxation of the Greek pay-TV sector and the unfair competition we face from multinational companies operating in the Greek pay-TV market,” commented Forthnet CEO Panos Papadopoulos. “Our positive results are due to the successful implementation of the company's operational restructuring plan, which has reduced fixed costs and improved our operating performance. Our strategic decision for the wholesale distribution of our premium sports and cinematic content to final customers through more pay-TV providers in Greece and Cyprus, continues to bear fruit and strengthens our strategic positioning in the pay-TV sector in Greece and Cyprus.”