French IPTV set top maker Netgem saw revenues up 46% for the past year to €146.2 million. But its last quarter was just €34.3 million, €4.3 million down compared to a year ago after the merger of SFR and Neuf Cegetel, two of its largest customers.
Revenue from the technology division was up 44% to €131.3 million. Sales at this division were marked in 2009 by the signing of a strategic licensing agreement with SFR, and landing some business abroad with two new contracts in Australia (Telstra) and Monaco (Monaco Telecom).
Sales at the Content and Services division amounted to €14.9 million, up 72%. Sales at this division were helped by the re-launch of the content distribution and services activities under the VideoFutur brand, which is now being spun off to shareholders in late January.
Netgem said that the French market is maturing but that it has minimum sales levels agreed with SFR which it will deliver throughout 2010 and the company will also try to grow internationally and through deals with consumer electronic companies. Presumably here it will try to get its designs into internet set tops, as opposed to pure IPTV set tops which rely on network QoS (Quality of Service protocols). Netgem has over 2 million homes active with IPTV set tops in France alone.