Netgem has reported a net profit down 54 per cent to €10.7 million in 2011, including €1.5 million from a one-off gain and €3.4 million in tax expenses.

The French IPTV STB maker’s gross margin was stable at 38.2 per cent on revenue down 37 per cent to €84.7 million. Operating expenses came down by 6 per cent to €19.8 million in 2011, including a 53 per cent rise in R&D investment. The current operating profit shrank by 60 per cent to €12.6 million last year.

Netgem’s business was impacted by a shortage of hard disk drives due to last year’s flooding in Thailand. Hard drive availability and pricing are gradually reverting back to normal. The group expects €18 million in first quarter revenue. It aims to double international revenue over 2012-2014 by focusing on supporting broadband customers’ ongoing deployments, accelerating business development efforts targeting tier-2 and tier-3 operators, and targeting tier-1 operators that are reassessing their current range of products and services.

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