TECHNICOLOR: Technicolor: First Quarter 2021 Results
Technicolor on track to deliver
2
. first quarter
2
1 - Technicolor(Euronext Paris: TCH; OTCQX: TCLRY) is today announcing its results for the first quarter 2021.
Richard Moat, Chief Executive Officer of Technicolor, stated: the Group s turnaround
. L
, and pipeline is already secured, in collaboration with Hollywood s most prestigious studios.
The demand for state-of-the-art broadband gateways is four times what it was 12 months ago, driving the
continuing improvement in
improved
maintaining its
,
, with results in line with expectations
:
but
;
1
;
represents a
.
Technicolor activities are benefiting from a strong and growing demand driven by the urge to equip homes with strong broadband access,
inuing operations
Revenues of €711 million were up 3.6% at constant rate reflecting, as expected, a decrease in Production Services of (15)%, primarily driven by lower revenue in Film & Episodic Visual Effects, and in DVD Services of (8)%, mainly due to lower volumes. However, there was an extremely strong performance in Connected Home, particularly in North America and Eurasia, where revenue growth (+34% and +29% respectively) was driven by increased underlying demand, mitigating a lower performance from Latin America.
In the first quarter 2021, the Group realized €20 million of cost savings.
Adjusted EBITDA of €43 million was up 72% at constant rate. This reflects operational and financial improvements across all activities, particularly in Connected Home, and lower business volumes in Film & Episodic Visual Effects compared to first quarter 2020, a quarter not yet affected by Covid-19.