There are no actual finances fleshed out in the financial year 2022 results announcement from Dutch cybersecurity outfit Irdeto – which paints a misleading picture of sunshine and rainbows. However, being owned by South African media heavyweight MultiChoice Group, a publicly-listed business, means that Irdeto has nowhere to hide. The harsh reality is that Irdeto’s revenues decreased by 9% to $95 million for the year period to June 2022, as the business continues to be adversely affected by silicon shortages and supply chain disruptions from the Covid-19 pandemic, particularly in large markets such as India. Margins were strong though, at 33%, contributing $32 million to group trading profit. Despite a disappointing year for revenue growth, there a number of rare…