Kudelski Group said that, based on its preliminary results, its EBITDA for the fiscal year 2020 exceeded the initial outlook of USD 45 to USD 55 million. Kudelski saw the Digital TV business performing above expectations in the second half of last year, supported by robust recurring business, cost reductions and a positive one-off pension accounting effect. The European Digital TV business overperformed, too, based on the initial outlook, with a strong momentum in Q4. The group added new customers to the analytics business.
EBITDA improved for the Public Access business, too, where gross margins increased compared both with last year and the latest expectations. Lockdowns had an impact on revenues at subsidiary Skidata, however, which provides access and visitor management services for ski resorts, shopping centres, airports and stadiums, among other venues. Use of parking infrastructure and levels of activity in ski regions reduced with the lockdowns, but cost-cutting measures that started during the pandemic partially mitigated the impact on profitability.
The Cybersecurity segment saw the positive momentum for its European business accelerating in Q4 last year. In the US, Kudelski continued to transform the business by switching to higher-value business lines, including in particular managed security services. The transformation led to an improvement of gross margins. Gross profit in 2020 improved compared with 2019 due to the shift in revenue mix and stable revenues. This allowed the Cybersecurity business to reduce its loss in 2020 compared with the prior year.
