Technicolor sees the end of the tunnel
After flirting with bankruptcy last year, the group Technicolor, resulting from the safeguard procedure in February, comes in green in the first half 2010, despite a further decline in sales.
The Group's net profit was 96 million euros in the first six months of the year, while last year it posted a loss of 325 million euros. A benefit to be attributed mainly to reduced losses in the activities of the group arrested or held for sale, valued at 117 million euros in the first half. The former television manufacturer has refocused indeed, during the backup process that will emerge from the ashes of Thomson on the services of content creators for film, television and advertising. In the first half, net income from continuing operations amounted to further 213 million euros.
New Stuff
The turnover of Technicolor however continued to decline from 18.5% a year, to 1468 billion euros. The decline was however lower in the second quarter, from 12.4% to 776 million euros, showing an improving trend. The CEO of Technicolor, Frederic Rose, has indeed found "patterns of improvement and signs of recovery in most activities, and reaffirmed a target of growth of sales in the second half of 2010 no fax cash loans. "Our financial restructuring is now completed, we started to win the trust of our customers," he said.
Frederic Rose has given evidence for the conclusion of two contracts announced Thursday.Verizon has indeed signed a letter of intent for the provision of broadband residential gateways, while DirecTV has signed a contract extension for the supply of decoders.
Surrender of Grass Valley
The second half should also be more positive, with the sale of assets deemed non-strategic. The group had announced in early July the first major sale of its loss-making with the sale of Grass Valley, into three pieces. The first part has already been the subject of a transfer agreement with the U.S. private equity group Francisco Partners. For other assets, "progress is expected before the end of the year," said Frederic Rose.
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