Kudelski Group announces its annual results for 2023

The Kudelski Group, a global leader in digital security, has released its annual results for the year 2023, revealing significant growth in several of its divisions, despite a decline in the Digital TV division. With total revenues and other operating income of $761.5 million and an EBITDA of $28.7 million, the group saw three out of its four business segments show robust revenue growth and improved profitability.

The Public Access division continued its momentum with a 16.5% revenue growth, while Cybersecurity maintained its pace with a 9.2% net revenue increase, driven by growth in managed security services revenue. The IoT segment tripled its sales to reach $47.4 million, primarily due to widespread adoption of its asset tracking product RecovR. However, Digital TV revenues declined by 14.3% compared to the previous year.

In response to these performances, the Group's Board of Directors has initiated the process of seeking a potential buyer for its Public Access division (SKIDATA). In parallel, for the Digital TV segment, the group anticipates a single-digit decline in revenues for 2024, with expected operating cost reductions.

The Group aims for double-digit revenue and margin growth in the Cybersecurity division, while further growth is expected in the IoT segment, albeit at a more moderate rate due to a base effect. Robust growth is still expected in 2024 for the Public Access sector.