2020 is mixed bag for Forthnet | Major Businesses | Business | News | Rapid TV News
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Greek telco and pay-TV operator Forthnet saw its pay-TV revenues fall by 11% in 2020, but had a rise in total retail and wholesale pay-TV numbers.

ForthnetForthnet, which was acquired by United Group in November, saw total subscriptions down by 2.7% year on year, from 892,850 in 2019 to 868,823 in 2020.

The pay-TV customer base reached 463K, up 1.4% year on year, including retail and wholesale subscribers in Greece and Cyprus.

Consolidated total revenues in 2020 stood at €276,4 million, up by 5.2% compared with 2019, mainly due to the positive impact of profits (reported as “Other revenue”) from agreements with suppliers to settle liabilities from previous years.

2020 EBITDA stood at €55.6 million compared with €37.1 in 2019. The increase is mostly due to profits from agreements with suppliers to settle liabilities from previous years, which had a total positive impact of €25.3 million.

CEO of Forthnet, Panayotis Georgiopoulos, commented: “2020 was a landmark year for Forthnet. Through the purchase of the banks’ exposures, United Group, the leading pay-TV and telco operator in S.E. Europe, acquired control of Forthnet. The process is expected to be completed in May, as a result of the company restructuring.

“Nonetheless, 2020 was a challenging year, as the Covid-19 pandemic-related lockdowns affected the activities of the company customers, partners and suppliers. Forthnet, with the support of its shareholders, and, most importantly, of its employees, managed to overcome these obstacles, mitigating the impact of the pandemic on its performance.

“Personally, I am honoured to join the United Group team and drive Forthnet into this new era. We are confident that our sole focus on improving customer experience, centred around innovative services and technologies, will deliver great value to Greek consumers and businesses.”