Nethys reports strong rise in VOO profits in 2020

18 Jan 2021

Belgian cable operator VOO achieved a significant improvement in profits in full-year 2020, according to a preliminary report from its parent company Nethys. Annual EBITDA increased to EUR143 million (USD172.7 million) in 2020 compared to EUR131 million the previous year, while net profit rose to EUR12.5 million from EUR0.4 million in 2019, which Nethys chairman Laurent Levaux explained was ‘mainly due to a significant reduction in costs,’ reports L’Echo. Despite the encouraging results, Nethys managing director Renaud Witmeur stressed the group remains committed to selling VOO. ‘We want to sell either 51% to be just below the majority, or 74.9% to keep a blocking minority,’ he added, revealing there had been significant interest from several bidders. As previously reported by TeleGeography’s CommsUpdate, in June 2020 a Belgian court suspended the sale of a majority stake in VOO to private equity firm Providence, ruling the agreement was fraudulent and not in the public interest.

Belgium, VOO