Posts Tagged ‘Gigawave’

Vislink Revenue Declines 15% in 1H 2016; Forecasts Breach of Debt Covenants

Analysis, Broadcaster Financial Results, Quarterly Results | Posted by Josh Stinehour
Oct 05 2016

UK-based Vislink plc, which owns broadcast industry brands Advent, Link, MRC Gigawave, and Pebble Beach, announced results for the first half of 2016.  1H 2016 revenue was £22.6 million, a decline of 15% versus the first half of 2015.  vislink

Vislink was anticipating challenging results for the first half of 2016 having published a negative trading update on July 6, 2016.  The trading update warned sales in Vislink’s Communication System (“VCS”) business were below management expectations.  In addition, the July update indicated the further restructuring of VCS would necessitate a non-cash write-off of £6 – £9 million and additional annual cost reductions of £1 – £2 million.  This adds to last year’s restructuring of the division when headcount was decreased 26% and a £2.5 million charge was incurred.

The underperformance of VCS caused Vislink to consume its entire banking facility and will subsequently force Vislink to breach its debt covenants.  Once Vislink is officially out of compliance with its financing arrangements, the Company’s bankers may call for repayment of existing loans – which Vislink does not have the cash to repay.  While this represents a material uncertainty for the Company, Management did indicate it is engaged in constructive discussions with its bankers.

In order to improve cash generation, Vislink’s management is canceling the Company’s dividend until debt drop below EBITDA, canceling its equity incentive program for senior management, and will “continue to examine the appropriateness of the Board and Group structure.”

The announcement has resulted in a greater than 50% decline in Vislink’s stock price decline from close on September 29, 2016.  Measured against Vislink’s 52 week stock price, the decline is greater than 75%.

Net loss for the first half of 2016 was £32.2 million or 26.9p per share, compared to a net loss of £0.9 million or 0.4p per share in the year-earlier period.

1H 2016 operating loss was £32.0 million versus an operating loss of £0.8 million during 1H 2015.  Operating losses included non-cash write downs of £23.3 million for goodwill and acquired intangibles as well as a write-down of £6.3 million of inventory and capitalized development costs.

A majority of Vislink’s goodwill write-down was associated with the Broadcast division (excluding Pebble Beach).  The entire £20.6 million of goodwill for Vislink’s Broadcast division was written down.

Given the magnitude of the non-cash items it is informative to review operating cash flow for the period.  During the first six months of 2016 operating cash usage was £1.2 million, compared to generation of £0.8 million during the first half of 2016.

The results for the first half benefited from a positive £2.2 million foreign currency translation based on a weaker GBP.

Broadcast Performance:

Vislink’s broadcast revenue for the first half of 2016 was £20.6 million, a 7.6% decrease versus broadcast revenue in 1H 2015.  The decline was primarily related to an 18.5% year-over-year drop in the revenue of Vislink’s Communication Systems (“VCS”) business.

Management attributed the decline in VCS to a combination of a general pause in spending ahead of the adoption of next-generation technologies and a reduction in spend from broadcasters driven by a diversion of budgets from infrastructure to investing in content.

Pebble Beach revenue for 1H 2016 was £5.4 million, a slight decrease of 1.4% when compared to the first half of 2015.  In the commentary accompanying the earnings release, the Company highlighted a 53.3% growth in Pebble Beach’s order book to £5.4 million during the 1H 2016 (1H 2015: £3.5 million).

Revenue by Region:

  • Revenue from the UK & Europe region was £7.6 million during the first half of the year, an increase of 20.1% over the first half of 2015. The UK & Europe represented 33.6% of total revenue for the first six months of the year, versus 23.7% in the same period of 2015.
  • Revenues from the Americas were £7.9 million, a 27.4% decrease against 1H 2015. On a percentage basis, Americas was 35% of total revenue for the first half of 2016, down from 40.6% in 1H 2015.
  • First half 2016 revenue from the Middle East and Africa (MEA) was £3.2 million, down 3.2% versus 1H 2015. The MEA region represented 14.2% of revenue in 1H 2016, up from 12.4% during the first half of 2015.
  • APAC revenue in 1H 2016 was £1.9 million, up 4.1% versus the comparable 2015 period. APAC revenue was 8.4% of total revenue in 1H 2016, up from 7.1% in 1H 2015.

Operating Expenses by Function:

  • R&D expenses recognized in 1H 2016 were £3.6 million, a 29.5% increase over 1H 2015. As a percentage of revenue, R&D expense was 16.1%, a substantial increase from the 10.6% in 1H 2015.  During the first half, Vislink wrote down £0.8 million of capitalized R&D investment.  Management did not identify the associated products or technologies associated with the write down.
  • Sales and marketing (S&M) expenses were £4.6 million, a slight rise of 1.4% against 1H 2015 S&M expense level. On a percentage basis S&M was 20.2%, an increase over the 17.0% of revenue from 1H 2015.
  • Administrative expenses were £2.9 million, a decrease of 28% versus the first half of 2015.

Cash and Debt Levels:

Vislink had a cash balance of £3.1 on June 30, 2016, down from £3.2 at the end of 2015.  During the same time period, the Company’s debt balance increased to £12.0 million from £9.0 at the end of 2015.  These developments have increased Vislink’s net debt to £8.8 million.  This compares to net debt levels of £5.7 million at 2015 year end and £1.2 million at the end of the first half of 2015.

In the release Management indicted debt has increased further since the end of the June and Vislink is now using its entire Revolving Credit Facility of £15.0 million.

Business Outlook:

Vislink’s order book at June 30, 2016 was £11.4 million, an increase of 60.5% over the same date last year.

In their prepared remarks Management discussed the organic growth of Pebble Beach, its pipeline of software bolt-on acquisitions, and its continued focus growing Vislink’s software business.  The below slide is taken from the Vislink’s presentation on the first half results.

 

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“We continue to see significant underlying organic growth in our software business with a strong order intake which has carried through into H2.  The long term prospects for Pebble Beach Systems continue to improve as we augment our core enterprise software solutions with cloud enabled software applications. We also have a pipeline of partners and software bolt-on acquisitions which will further enhance the Group strategy of building a high margin, cash generative software business” said John Hawkins Executive Chairman of Vislink.

 

 

Related Content:

Press Release on Vislink 1H 2016 Results

Management Presentation on Vislink 1H 2016 Results

Trading Update on Vislink 1H 2016 Preliminary Results

 

 

© Devoncroft Partners 2009-2016.  All Rights Reserved.

 

 

2014 Big Broadcast Survey (BBS) Reports Now Available

broadcast industry technology trends, broadcast technology market research, Broadcast Vendor Brand Research, market research, Top Broadcast Vendor Brands | Posted by Joe Zaller
Jul 15 2014

After months of data collection, analysis, and visualization, we have now completed work on the 2014 Big Broadcast Survey (BBS). Reports from this study have now been published and are available from Devoncroft Partners.

If you’re not familiar with the BBS, it’s the most comprehensive annual study of technology end-users in the global broadcast industry. Nearly 10,000 broadcast professionals in 100+ countries participated in the 2014 BBS, making it once again the largest market study of the broadcast industry.

BBS reports have been designed to help readers improve their strategic decision-making, customer engagement, marketing strategy, product planning, and sales execution.  BBS reports are also used frequently for M&A-related activities by both buyers and sellers.

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Three types of 2014 BBS reports are available:

  • 2014 BBS Global Brand Reports:  provides deep insight into how each more than 100 broadcast technology suppliers (see full list below) are perceived by market participants, along with comprehensive benchmarking of broadcast technology vendors on a wide variety of metrics.

 

  • 2014 BBS Product Reports:  provide detailed information from buyers, specifiers, and users of broadcast technology products in 31 separate categories (see full list below)

 

  • 2014 BBS Global Market Report: provides detailed information about industry trends, major projects being planned, products being evaluated for purchase, current and future plant infrastructure, broadcast technology CapEx budgets, and planned deployment of new technologies including 4K, Connected TV, and Social TV.

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If you would like information about these reports and how they can help your business, please get in touch.

 

In addition to these paid-for reports, we will also be publishing highlights from the 2014 BBS on the Devoncroft website.  These articles will be posted on a semi-regular basis, so please check back often.

To receive posts when they are published, just enter your email in the box in the upper right-hand corner of the page.

 

The tables below show the product categories and broadcast technology vendor brands covered in the 2014 BBS.

 

 Product Categories Covered in the 2014 BBS:

2014 BBS -- Product Categories Covered in the 2014 Big Broadcast Survey

 

 

Broadcast Technology Brands Covered in the 2014 BBS:

 

2014 BBS -- All Brands included in 2014 BBS

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.© Devoncroft Partners 2009 – 2014. All Rights Reserved.

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Strong Performance in Middle East Drives Vislink Broadcast Revenue 2.2 Percent Higher in 2013

Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Mar 28 2014

UK-based Vislink plc, reported that its revenue for 2013 was $99.3m (£59.9m), up 4.7% versus 2012.

Broadcast industry revenue was $79.7m (£48.1m), up 2.2% versus 2012.

Vislink owns multiple broadcast brands including Advent, Link, MRC and Gigawave.  Earlier this month Vislink announced it had acquired playout automation provider Pebble Beach for $24.7m.

On a group basis (including both broadcast and government sectors):

  • 2013 operating profit of $7.1m (£4.3m), an increase of 40.3 per cent increase compared to 2012

 

  • Gross margins were 40.6% in 2013, up from 39.4% in 2012

 

  • Order intake for the year was $99.6m (£60.1m), and the company ended the year with an open order book of $9.3m (£5.6m), up 7.7% versus the end of 2012

 

Broadcast Performance

Vislink’s broadcast products include satellite terminals and wireless communication systems that are used live events such as news, sports, and entertainment.

2012 broadcast revenue was £48.1m, up 2.2% versus 2012. Broadcast revenue accounted for 80.3% of total group revenue, down from 82.3% of total group revenue in 2012.

Revenue from Pebble Beach is not included in these figures.

For the broadcast business, the company’s geographic performance was as follows:

 

Vislink - Broadcast Revenus 2013 vs 2012

 

On a percentage basis the company’s best performing region was the Middle East and Africa, where sales jumped 49% versus the previous year.

The UK market decline 19.3% in 2013 after a strong performance in 2012, driven in part by the London Olympics. The company had slight growth in the rest of Europe, and experienced a decline in APAC.

2013 broadcast revenue in the Americas was down 10.1% versus 2012.  Vislink attributed this decline to cyclicality, saying “the US broadcast marketplace typically sees a reduction in spend in a post presidential election year.”  At the same time however, the company specifically highlighted the importance of South America, saying that the 2014 World Cup and 2016 Olympics have provided “an impetus for further investment in both broadcast and surveillance.”

 

Acquisition of Pebble Beach

The company used its earnings announcement to highlight its recent $24.7m acquisition of playout automation provider Pebble Beach, saying it will “contribute to the strategy of achieving higher recurring services revenues and achieving our financial objectives of £80m revenue and £8m adjusted operating profit by the end of FY 2014.”

Vislink said the key benefits of Pebble Beach are leading software technology, recently developed next generation products, a growing customer base, and strong cash generation and growth prospects.

The company said the acquisition of Pebble Beach “fits perfectly with Vislink’s desire for growth, recurring revenues, extending its reach and providing customers with synergies, from capturing video to interactive programming, including acquisition and revenue generation. Vislink plans to grow its software capability around the Pebble Beach Systems and management team.”

 

 

Move to AIM Market Eases Burden of Future M&A

Following on from the recent acquisition of Pebble Beach, Vislink telegraphed its intention to do more M&A deals in the future, saying the company will “continue to seek growth opportunities both organically and through acquisitions, with a clear underlying objective of continuing to grow shareholder value.”

“We remain on track for our plan to grow the business to £80m, and £8.0m adjusted operating profit by the end of FY 2014, and we intend to support this by way of a number of “bolt on” acquisitions,” said Vislink chairman John Hawkins.

Significantly, during 2013 Vislink switched its stock market listing to the UK’s AIM exchange, the London Stock Exchange’s international market for smaller growing companies.  Vislink says that the move to the AIM exchange will “simplify and reduce the financial burden of making acquisitions.”

 

Strategy and Outlook:

The company said its “markets continue to be tough but as long as we continue to balance our revenues and maintain our product leadership, the group will grow profitably.”

Vislink said it plans to expand its capability in delivering recurring revenues by exploiting its “newly acquired software capability in video playout” (Pebble Beach), and will grow our services offering by developing our network capabilities in cellular and hybrid application areas.

Vislink finished the year with $6.1m (£3.7m) in cash, down from $13.4m (£8.1m) at the end of 2012.  The company said it has more than 250 employees worldwide.

 

 

Related Content:

Press Release: Vislink plc – Results for the year ended 31 December 2013

Broadcast Vendor M&A: Vislink Buys Pebble Beach for $24.7 Million

Broadcast Vendor M&A: Vislink Buys Amplifier Technology for up to $6.2 Million

Vislink Revenue Declines 7 Percent in Q3 2012, Reaffirms Plan to Double Revenue By End of 2014

More Broadcast Vendor M&A: Vislink Completes Acquisition of Gigawave for £3.75 Million

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© Devoncroft Partners 2009 – 2014. All Rights Reserved.

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Broadcast Vendor M&A: Vislink Buys Pebble Beach for $24.7 Million

Broadcast technology vendor financials, Broadcast Vendor M&A, Quarterly Results | Posted by Joe Zaller
Mar 19 2014

Vislink announced that it has acquired playout automation specialist Pebble Beach Systems for $24.7m (£14.9m). Pebble Beach will operate as a stand-alone unit within Vislink, and will continue to be run by its management, including founder Peter Hajittofi.

Under the terms of the deal, Vislink will pay £12.9m in cash, and £2m in newly issued Vislink shares.  Pebble Beach management must hold the new shares for at least two years. Vislink says the “transaction will be immediately earnings enhancing.”

For the fiscal year ended June 20, 2013, Pebble Beach had revenue of £5.64m, EBITDA of £1.3m, and profit before tax of £1.3m.  Thus the deal values the company at approximately 2.5x revenue, and 11.4x EBITDA. After backing out the £5.9m in cash Pebble Beach had in the bank, the net price paid by Vislink was £9m, valuing the deal at approximately 1.6x revenue and  7x EBITDA.

The fact that Vislink has made an acquisition is not surprising.

The company, which had revenue of £28m for the first half of 2013, has told the market for the past several years that it intends to grow its revenue to £80m, with 10% return on sales, by the end of 2014.  

Vislink, which recently moved its listing to the UK AIM market, has long-telegraphed telegraphed its intention to buy companies to achieve its stated goals for revenue growth and profitability.

In its most recent half-yearly results, company management said “we remain on track to grow the business to achieve turnover of £80m and £8m adjusted operating profit by the end of FY2014, and we intend to support this by a number of bolt on acquisitions in addition to achieving organic growth.”

However, it is interesting to note that Vislink decided to buy a  company in a different part of the broadcast value chain to help it achieve its stated intentions.

Vislink, which owns the Advent, Gigawave, Link, MRC, and PMR brands, is best known for its RF, microwave, and satellite communication products that are used by broadcasters in live production environments such as news and sports.

Pebble Beach products are used in broadcast playout applications, which does not have the same emphasis on live events.

Having said that, Vislink says that the Pebble Beach team will “assist Vislink in expanding its software capability as a Group,” so the acquisition could be the first of several deals that mark the beginning of a new business focus at Vislink.

Vislink explained the rationale for the deal saying Pebble Beach’s technology is complementary to its own, and that “the acquisition of Pebble Beach will move Vislink into the provision of software solutions for playout with advanced software technology,” and that “Vislink will now be able to offer broadcasters a complete ‘scene to screen’ solution.”  Vislink also highlighted the fact that Pebble Beach “will gain from access to significantly increased sales channels through the global network of over 900 broadcasters that Vislink works with as well as its international network of offices.”

“The acquisition fits perfectly into our long term strategy of acquiring software and services capability that we hope to drive recurring revenues for the group,” said Vislink chairman John Hawkins.

UK-based Pebble Beach has 60 employees, and regional offices in Dubai, Singapore, and the USA.

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Related Content:

Press Release: Vislink Acquires Pebble Beach

Broadcast Vendor M&A: Vislink Buys Amplifier Technology for up to $6.2 Million

Vislink Revenue Declines 7 Percent in Q3 2012, Reaffirms Plan to Double Revenue By End of 2014

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© Devoncroft Partners 2009 – 2014. All Rights Reserved.

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Broadcast Vendor M&A: Vislink Buys Amplifier Technology for up to $6.2 Million

Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Sep 02 2013

UK-based Vislink plc, which owns the Advent, Link, MRC and Gigawave brands, announced that it will acquire Amplifier Technology, a provider of RF amplifiers and jammers for the defense and surveillance market, for up to £4.0m ($6.2m) in cash.

Vislink says that Amplifier’s products will be incorporated into its MAG (military and government) business unit, which caters to homeland security and defense clients.

Under the terms of the deal, Vislink will pay £2m at the close of the acquisition, and an earn-out of up to an additional £2m if Amplifier achieves EBITDA of £3m for the year ending 30 June 2014. In order that any earn out is paid, Amplifier Technology must reach a minimum EBITDA of £1m.

According to Vislink, Amplifier “has been consistently profitable over the past three years and in the year ending 30 June 2012 revenues were £4.8m with adjusted EBITDA of £1.1m.”

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Related Content:

Press Release: Vislink Announces the Acquisition of Amplifier Technology

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© Devoncroft Partners 2009 – 2013. All Rights Reserved.

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Ranking Broadcast Technology Vendors Part 2 – The 2013 BBS Net Change of Overall Brand Opinion League Table

broadcast industry technology trends, broadcast technology market research, Broadcast Vendor Brand Research, market research, Top Broadcast Vendor Brands | Posted by Joe Zaller
Aug 05 2013

This is the sixth in a series of articles about some of the findings from Devoncroft’s 2013 Big Broadcast Survey (BBS), a global study of broadcast industry trends, technology purchasing plans, and benchmarking of broadcast technology vendor brands. Nearly 10,000 broadcast professionals in 100+ countries took part in the 2013 BBS, making it the largest and most comprehensive market study ever conducted in the broadcast industry. 

 

Previous articles about the 2013 BBS discussed the most important broadcast industry trends, how the relative commercial importance of broadcast industry trends have changed over time, where money is currently being spent in the broadcast industry, broadcast technology products being evaluated for purchase in 2013 and 2014, and the 2013 BBS Overall Brand Opinion League Table.

 

This is the second in a series of posts about how broadcast technology vendors were ranked and benchmarked on a variety of metrics by the respondents to the 2013 BBS.

The first post in this series described the 2013 BBS Overall Brand Opinion League Table, which shows how 2013 BBS respondents ranked broadcast vendor brands.

This post looks at how the global sample of broadcast professionals who participated in the 2013 BBS ranked their Net Change of Overall Opinion of the 151 broadcast technology vendors we covered in the study.

 

Net Change of Overall Opinion

While it’s good news for any vendor to achieve a good “overall opinion” ranking, this metric is somewhat one-sided because it relies solely on the positive opinions of respondents.

In order to get a better understanding of how broadcast technology vendor brands are perceived, it is necessary to look at both the positive and negative opinions of brands. It is also necessary to take into account how these opinions have changed over time.

Once this information has been collected, we use it to create the Net Change of Overall Opinion Ranking, a metric that demonstrates which brands are perceived as getting better, and which are in decline, on an overall basis. Net Change in Overall Opinion provides a more balanced view each brand because it takes into account both the positive and negative perceptions of brands, along with how these opinions have changed over time.

An explanation of how these results were calculated can be found at the end of this article.

The complete list of vendor brands covered in the 2013 BBS is here.

 

The Net Change in Overall Opinion findings from the 2013 BBS are shown below in two ways:

  • An overall industry “league table” that shows the 30 highest ranked vendors for the metric “Net Change of Overall Opinion.”  The data in this chart is broken out globally and regionally.

 

  • An analysis of the “frequency” of appearance of each vendor in the Net Change of Overall Opinion league table

 

The top 30 ranked brands for Net Change of Overall Opinion are shown below for both the global sample of all respondents as well as for all respondents in each of the geographic regions.

When reading these results, please keep the following in mind.

 

Both audio and video brands are included in these rankings, and all response data shown herein is from the global sample of from all 2013 BBS participants, regardless of organization type, size, geographic location, or size of budget; and that actual results in the BBS Brand report may be different.

Please note that inclusion of any brand in any cut of the data shown the tables in this article is dependent on available sample size.  The minimum sample size for inclusion in these charts is 30 respondents per cut of the data. Therefore it is possible that a highly regarded brand was excluded from these findings based on sample size.

In all cases, these results are shown in alphabetical order, NOT in the order in which they were ranked by respondents to the study.


The 2013 BBS Net Change in Overall Opinion League Table:

2013 BBS -- 2013 BBS Net Change of Overall Opinion

 

 

A total of 53 broadcast technology vendor brands are included in this table (versus 59 in 2012 and 51 in 2011), illustrating the geographic variation of opinion. Analysis of these results shows that are some clear market leaders on a global basis, while others are strong on a regional basis.

It’s useful to understand how often each brand appears in the 2013 BBS Net Change in Overall Opinion League Table.

This is shown below, along with the equivalent data from both 2012 and 2011 for comparison.

 

Frequency of appearance of brands in the 2013 BBS Net Change in Overall Opinion League Table:

  • 10 brands appear four times (compared to 9 brands in 2012 and 13 brands in 2011), meaning they were ranked in the top 30 globally and in each geographic region

 

  • 13 brands appear three times (compared to 13 brands in 2012 and 10 brands in 2011)

 

  • 11 brands appear two times (compared to 11 brands in 2012 and 9 brands in 2011)

 

  • 19 brands appear one time (compared to 26 brands in 2102 and 19 brands in 2011).  This illustrates a fragmentation of opinion  about many brands based on geography

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Brands appearing four times in the 2013 BBS Net Change of Overall Opinion League Table:

 

  • 2013 BBS: Adobe, Aja Video, Autodesk, Blackmagic Design, Canon, Evertz, Panasonic, Riedel, Rohde & Schwarz, Sennheiser

 

  • 2012 BBS: Adobe, Avid, Blackmagic Design, Canon, Harmonic, Panasonic, Riedel, Sennheiser, Sony

 

  • 2011 BBS: Adobe, Aja Video, Apple, Blackmagic Design, Canon, Cisco, Genelec, Omneon, Panasonic, Riedel, Sennheiser, Sony, Tektronix

 

 

Brands appearing three times in the 2013 BBS Net Change of Overall Opinion League Table:

  • 2013 BBS: AmberFin, Angenieux, ateme, Cisco, Elemental Technologies, EVS, Harmonic, NewTek, Ross Video, Sony, Telestream, Vizrt, Wide Orbit

 

  • 2012 BBS: Aja Video, Apple, Autodesk, Digital Rapids, EVS, Front Porch Digital, NewTek, Omneon, Phabrix, Rhozet, Ross Video, Vizrt

 

  • 2011 BBS: Ateme,  Evertz, EVS, Harmonic, Net Insight, Rhozet, Rohde & Schwarz, Ross Video, Shure, Vizrt

 

 

Brands appearing two times in the 2013 BBS Net Change of Overall Opinion League Table:

 

  • 2013 BBS: Adam, Ensemble, Front Porch Digital, Lawo, Net Insight, Neumann, Nevion, Phabrix, Screen Service, Snell, Solid State Logic

 

  • 2012 BBS: AmberFin, ateme, brightcove, Cisco, Gigawave, Net Insight, Rohde & Schwarz, Screen Service, Tektronix, Telecast, Wohler

 

  • 2011 BBS: AKG, Digital Rapids, Dolby, Ensemble,  Front Porch Digital, Lawo, Telestream, TVIPS, Wohler

 

 

Brands appearing once in the 2013 BBS Net Change of Overall Opinion League Table:

  • 2013 BBS: arvato / S4M, Avid, Axon, Digital Rapids, Dolby, Fujinon, Linear Acoustic, On-Air (Oasys), Ooyala, RTW, Shure, Soundcraft, Studer, Tektronix, Telecast, TVIPS, Wheatstone, Xen Data, Yamaha

 

  • 2012 BBS: Aspera, Axon, Calrec, Clear-Com, Dolby, Elemental Technologies, Ensemble, Envivio, Evertz, Genelec, Harris, Isilon Systems / EMC, Kaltura, Kit Digital, Lawo, Neumann, PubliTronic / Grass Valley, RTW, Schoeps, Shure, Snell, Telestream, Wheatstone, Wide Orbit, Wowza, Yamaha

 

  • 2011 BBS: AmberFin, Audio-Technica, Avid, Fujinon, Grass Valley, Harris, Inlet Technologies, Linear, Linear Acoustic, Miranda, MSA Focus, Nevion, Playbox, PubliTronic, Schoeps, Screen Service, Solid State Logic, Telecast, Yamaha

 

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Frequency Analysis of the Brands in the in the 2013 BBS Net Change of Overall Opinion League Table:  

In order to provide a better understanding of which brands were most highly ranked in each geographic region, the data has been provided in the table below, which shows the global and regional performance for each brand in the top 30 ranking of overall opinion.

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2013 BBS -- 2013 BBS Net Change of Overall Opinion -- Frequency Analysis

 

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This frequency analysis chart shows that there are some interesting geographic variations in the data. Here’s a closer look at how brands appeared by geography:

 

Appearing only in the global ranking of the 2013 BBS Net Change of Overall Opinion League Table

Four brands achieved a top 30 ranking in the 2013 BBS Net Change of Overall Opinion league table, despite not being listed in the top 30 of any of the three geographic regions.  This may be a function of sample size.  As discussed above, there is a minimum sample size requirement for inclusion in each cut of the data presented in these chart, and the global ranking, by definition, has the largest overall sample.

  • Ensemble, On-Air Systems, Ooyala, Xen Data

 

Appearing only in one region of the 2013 BBS Net Change of Overall Opinion League Table

The following  brands appear in one regional category of the 2013 BBS Net Change of Overall Opinion League Table, but do not appear in the global ranking:

  • Arvato/S4m, Avid, Digital Rapids, Dolby, Fujinon, Linear Acoustic, RTW, Shure, Soundcraft, Studer, Tektronix, Telecast, T-VIPS, Yamaha

 

Appearing only in the EMEA region in the 2013 BBS Net Change of Overall Opinion League Table

  • Arvato/S4m, Axon, RTW

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Appearing only in the Asia-Pacific region in the 2013 BBS Net Change of Overall Opinion League Table

  • Avid, Digital Rapids, Dolby, Fujinon, Shure, Soundcraft, Studer, Tektronix, Yamaha

 

Appearing only in the Americas region in the 2013 BBS Net Change of Overall Opinion League Table

  • Telecast, T-VIPS, Wheatstone

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How These Results Were Calculated

No company is perfect, and the brands we measured in the 2013 BBS are no different.  All brands in the 2013 BBS had both positive (got better) and negative (got worse) connotations associated with them.  There were also are significant percentage of respondents who said their opinion of a brand had “stayed the same.”

2013 BBS participants were asked to rank their opinion of broadcast technology vendor brands on a scale of 1-10 — with 10 being best in the market, and 1 being worst in the market.

We then asked respondents whether their opinion of these brands has changed over the last few years – specifically whether they feel their opinion of each brand has “improved,” “declined” or “stayed the same.”

The Net Change in Overall Opinion for each brand was then calculated by subtracting the percentage of respondents who said a brand “got worse” from the percentage of respondents who said their opinion of a brand had “got better,” while ignoring the “stayed the same” responses.

This “change of opinion data” provides a more comprehensive view of how each brand is perceived by the market because it takes into account positive and negative perceptions.

 

 

Please note that inclusion of any brand in the tables in this article is dependent on available sample size.  The minimum sample size for inclusion in the tables shown herein is 30 respondents per cut of the data. Therefore it is possible that a highly regarded brand may have been excluded from any or all of the tables in this article due to insufficient sample size.

Also, please keep in mind when reviewing this information that all data these charts are presented in alphabetical order, NOT in the order brands were ranked by respondents to the 2013 BBS.

 

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The information in this article is based on select findings from the 2013 Big Broadcast Survey (BBS), a global study of broadcast industry trends, technology purchasing plans, and benchmarking of broadcast technology vendor brands. Nearly 10,000 broadcast professionals in 100+ countries took part in the 2013 BBS, making it the largest and most comprehensive market study ever conducted in the broadcast industry. The BBS is published annually by Devoncroft Partners.

Unless otherwise specified, all data in this article measures the responses of all non-vendor participants in the 2013 BBS, regardless of factors such as organization type, organization size, job title, purchasing and geographic location.  Please be aware that responses of individual organization types or geographic locations may be very different. Granular analysis of these results is available as part of various paid-for reports based on the 2013 BBS data set. For more information about this report, please contact Devoncroft Partners.

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Related Content:

The 2013 Big Broadcast Survey (BBS) – overview of available reports, including covered brands and product categories

Largest Ever Study of Broadcast Market Reveals Most Important Industry Trends for 2013

Tracking the Evolution of Broadcast Industry Trends 2012 – 2013

Analyzing Where Money is Being Spent in the Broadcast Industry – The 2013 BBS Broadcast Industry Global Project Index

Broadcast Technology Products Being Evaluated for Purchase in 2013 – 2014

Devoncroft Partners: 2013 Broadcast Industry Market Research Findings

Ranking Broadcast Technology Vendors Part 1 – The 2013 BBS Overall Brand Opinion League Table

Previous Year:  The 2012 BBS Net Change of Overall Brand Opinion League Table

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© Devoncroft Partners. All Rights Reserved.

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Revenue and Profits Jumps at Vislink in 1H 2012

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Sep 03 2012

UK-based Vislink plc, which owns the Advent, Link, MRC and Gigawave brands, announced that its revenue from continuing operations for the first six months of 2012 was £27.5, up 38% versus the same period a year ago. Excluding the contribution from Gigawave, which was acquired by Vislink in June 2011, the company’s revenue was £22.4m, up 17% versus the first half of 2011.

Broadcast revenue in 1H 2012 was £24.2m, up 46% versus the first half of 2011, and down 6% versus the second half of 2011.  The 1H broadcast revenue figure includes a contribution of £4.2m from Gigawave, which has added incremental revenues in markets outside of the Americas. Weakness in South America led to a 52% decline in the region to £1.5m, but this was offset by strong performances in Europe and North America.

The company posted a pre-tax profit of £1.4m, compared to a pre-tax loss of £1.9m last year.  On an operating basis, the company reported a profit of £700,000, versus an operating loss of £3.7m last year.

Bookings in 1H 2012 were £25.4m, up 2% versus last year, but underlying orders (excluding the contribution from Gigawave) were down 14% to £20.5m.  The order backlog at the end of the first six months of 2012 was £10.4m, down 16% versus the same period last year.

The company attributed its reduced order intake to lower demand for satellite terminals in the broadcast market.  However, it expects to see improvement in the second half of 2012 thanks to newly introduced products.

Gross margins for the first half of the year were 40.4%, up 1.4 percentage points versus last year.  The company said its margin expansion was due to lower manufacturing overhead costs thanks to a focus on cost control.  The materials margin was 52.4%, down slightly from last year.

The company ended 1H 2012 with £8.4m of cash, down from £10.1m six months ago.  The company says its cash flow will improve in the second half of the year as it reduces its working capital following an inventory build in the first half of 2011 for the London Olympics.

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Outlook

The company reiterated its objective of reaching £80m of sales and £8m of pre-tax profit within three years, saying this goal seems remains realistic and achievable.

Vislink executive chairman CEO John Hawkins said that the company will “continue to seek “bolt on” acquisitions to strengthen our software and services capabilities that exploit the growth of cloud based IP transport technologies.

“We believe that the Group is capable of exploiting the continuing growth of video content contribution both in our traditional broadcast market and also in other vertical markets that, with the development of unlicensed spectrums include opportunities within the pro-sumer markets. The second half has begun positively with orders received of £11.0m (2011: £8.4m) in the 8 weeks to 25 August as we have secured some significant prospects that experienced delays in the first half. The full year outcome is subject to this order intake level continuing throughout the third quarter.

“We are cautiously optimistic that the second half of 2012 will show further improvement in trading. We have a strong order book which underpins our third quarter revenue.”

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Press Release: Vislink plc – 2012 Interim Results Announcement

Vislink Says its Revenue is Up 61 Percent Through April 2012

Vislink Reports Full Year 2011 Results, Reaffirms Goal of Growing Revenue by 60% Within Three Years

Vislink Reports Small Loss in 1H 2011, Announces Strategic Review

More Broadcast Vendor M&A: Vislink Completes Acquisition of Gigawave for £3.75 Million

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© Devoncroft Partners. All Rights Reserved.

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Ranking Broadcast Technology Vendors Part 2 – The 2012 BBS Net Change of Overall Brand Opinion League Table

broadcast industry technology trends, broadcast technology market research, Broadcast Vendor Brand Research, market research, Top Broadcast Vendor Brands | Posted by Joe Zaller
Aug 24 2012

This is the fifth in a series of articles about some of the findings from the 2012 Big Broadcast Survey (BBS), a global study of broadcast industry trends, technology purchasing plans, and benchmarking of broadcast technology vendor brands. Nearly 10,000 broadcast professionals in 100+ countries took part in the 2012 BBS, making it the largest and most comprehensive market study ever conducted in the broadcast industry.

 

In previous posts, I have discussed the most important broadcast industry trends of 2012, where money is being spent in the broadcast industry in 2012, and the overall opinion rankings of broadcast technology vendors in 2012.

Each year, as part of the Big Broadcast Survey (BBS), we ask a global sample of broadcast professionals to rank a variety of technology vendor brands on a wide range of metrics. We use these responses to create a series of reports, which through benchmarking and industry “league tables,” provides a view as to how each vendor is positioned in the market relative to the industry as a whole, as well as against their direct competitors.

This is the second in a series of posts about how broadcast technology vendors were ranked and benchmarked on a variety of metrics by the respondents to the 2012 BBS.

The first post in this series described the 2012 BBS Overall Brand Opinion League Table, which shows how 2012 BBS respondents ranked broadcast vendor brands.

While it’s positive for any vendor to achieve a good “overall opinion” ranking, this metric is somewhat one-sided because it relies solely on the positive opinions of respondents. In order to get a better understanding of how broadcast technology vendor brands are perceived, it is necessary to look at both the positive and negative opinions of brands, and to take into account how these opinions have changed over time.

This post looks at how the global sample of broadcast professionals who participated in the 2012 BBS ranked their net change of overall opinion of the 152 broadcast technology vendors we covered in the study. You can find a chart with the complete list of vendor brands covered in the 2012 BBS here.

 

How These Results Were Calculated

We first asked 2012 BBS respondents to rank their overall opinion of relevant brands (see brand opinion rankings here) on a scale of 1 -10 with 10 being the best in the market and 1 being the worst in the market.  We then asked respondents whether their opinion of these brands has changed over the last few years – specifically whether they feel their opinion of each brand has “improved,” “declined” or “stayed the same.”

This “change of opinion data” provides a more comprehensive view of how each brand is perceived by the market because it takes into account positive and negative perceptions.

No company is perfect, and the brands we measured in the 2012 BBS are no different.  All brands in the 2012 BBS study had both positive (got better) and negative (got worse) connotations associated with it, and there were also are significant percentage of respondents who said their opinion of a brand had “stayed the same.”

In order to derive a more meaningful metric, we use the “change of opinion” data to calculate the  Net Change in Overall Opinion for each brand by subtracting the percentage of respondents who said a brand “got worse” from the percentage of respondents who said their opinion of a brand had “got better,” while ignoring the “stayed the same” responses.

This metric shows the brands that are perceived as getting better, and which are in decline, on an overall basis.

The Net Change in Overall Opinion presents a more balanced view each brand because it takes into account both the positive and negative perceptions of brands, along with how these opinions have changed over time.

 

The Net Change in Overall Opinion findings from the 2012 BBS are shown below in two ways:

  • An overall industry “league table” that shows the 30 highest ranked vendors for the metric “Net Change of Overall Opinion.”  The data in this chart is broken out globally and regionally.

 

  •  An analysis of the “frequency” of appearance of each vendor in the Net Change of Overall Opinion league table

 

The top 30 ranked brands for Net Change of Overall Opinion are shown below for both the global sample of all respondents as well as for all respondents in each of the geographic regions.

Please note that inclusion of any brand in any cut of the data shown the tables in this article is dependent on available sample size.  The minimum sample size for inclusion in these charts is 30 respondents per cut of the data. Therefore it is possible that a highly regarded brand was excluded from these findings based on sample size.

 

In all cases, these results are shown in alphabetical order, NOT in the order in which they were ranked by respondents to the study.


The 2012 BBS Net Change in Overall Opinion League Table:

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A total of 58 broadcast technology vendor brands are included in this table (up from 51 in 2011), illustrating the geographic variation of opinion. Analysis of these results shows that are some clear market leaders on a global basis, while others are strong on a regional basis.

It’s useful to understand how often each brand appears in the 2012 BBS Net Change in Overall Opinion League Table.

This is shown below, along with the equivalent data from the 2011 BBS for comparison.

 

Frequency of appearance of brands in the 2012 BBS Net Change in Overall Opinion League Table:

  • 9 brands appear four times (compared to 13 brands in 2011), meaning they were ranked in the top 30 globally and in each geographic region

 

  • 12 brands appear three times (compared to 10 brands in 2011)

 

  • 11 brands appear two times (compared to 9 brands in 2011)

 

  • 26 brands appeared one time (compared to 19 brands in 2011).  This illustrates a fragmentation of opinion  about many brands based on geography

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Brands appearing four times in the 2012 BBS Net Change of Overall Opinion League Table:

 

  • 2012 BBS: Adobe, Avid, Blackmagic Design, Canon, Harmonic, Panasonic, Riedel, Sennheiser, Sony

 

  • 2011 BBS: Adobe, Aja Video, Apple, Blackmagic Design, Canon, Cisco, Genelec, Omneon, Panasonic, Riedel, Sennheiser, Sony, Tektronix

 

 

Brands appearing three times in the 2012 BBS Net Change of Overall Opinion League Table:

  • 2012 BBS: Aja Video, Apple, Autodesk, Digital Rapids, EVS, Front Porch Digital, NewTek, Omneon, Phabrix, Rhozet, Ross Video, Vizrt

 

  • 2011 BBS: Ateme,  Evertz, EVS, Harmonic, Net Insight, Rhozet, Rohde & Schwarz, Ross Video, Shure, Vizrt

 

 

Brands appearing two times in the 2012 BBS Net Change of Overall Opinion League Table:

 

  • 2012 BBS: AmberFin, ateme, brightcove, Cisco, Gigawave, Net Insight, Rohde & Schwarz, Screen Service, Tektronix, Telecast, Wohler

 

  • 2011 BBS: AKG, Digital Rapids, Dolby, Ensemble,  Front Porch Digital, Lawo, Telestream, TVIPS, Wohler

 

 

Brands appearing once in the 2012 BBS Net Change of Overall Opinion League Table:

  • 2012 BBS: Aspera, Axon, Calrec, Clear-Com, Dolby, Elemental Technologies, Ensemble, Envivio, Evertz, Genelec, Harris, Isilon Systems / EMC, Kaltura, Kit Digital, Lawo, Neumann, PubliTronic / Grass Valley, RTW, Schoeps, Shure, Snell, Telestream, Wheatstone, Wide Orbit, Wowza, Yamaha

 

  • 2011 BBS: AmberFin, Audio-Technica, Avid, Fujinon, Grass Valley, Harris, Inlet Technologies, Linear, Linear Acoustic, Miranda, MSA Focus, Nevion, Playbox, PubliTronic, Schoeps, Screen Service, Solid State Logic, Telecast, Yamaha

 

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Frequency Analysis of the Brands in the in the 2012 BBS Net Change of Overall Opinion League Table:  

In order to provide a better understanding of which brands were most highly ranked in each geographic region, the data has been provided in the table below, which shows the global and regional performance for each brand in the top 30 ranking of overall opinion.

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Frequency Analysis of Brands in the 2012 BBS Net Change of Overall Opinion League Table: 

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This frequency analysis chart shows that there are some interesting geographic variations in the data. Here’s a closer look at how brands appeared by geography:

 

Appearing only in the global ranking of the 2012 BBS Net Change of Overall Opinion League Table

Seven brands achieved a top 30 ranking in the 2012 BBS Net Change of Overall Opinion league table, despite not being listed in the top 30 of any of the three geographic regions.  This may be a function of sample size.  As discussed above, there is a minimum sample size requirement for inclusion in each cut of the data presented in these chart, and the global ranking, by definition, has the largest overall sample.

  • brightcove, Elemental Technologies, Kaltura, KIT Digital, Lawo, Wide Orbit, Wowza

 

Appearing only in one region of the 2012 BBS Net Change of Overall Opinion League Table

The following 21 brands appear in one regional category of the 2012 BBS Net Change of Overall Opinion League Table, but do not appear in the global ranking:

  • Aspera, Axon, Calrec, Clear-Com, Dolby, Ensemble, Envivio, Evertz, Genelec, Harris, Isilon Systems / EMC, Neumann, PubliTronic / Grass Valley, RTW, Schoeps, Shure, Snell, Telestream, Wheatstone, Yamaha

 

Appearing only in the EMEA region in the 2012 BBS Net Change of Overall Opinion League Table

  • Calrec, Isilon Systems / EMC, Neumann, PubliTronic / Grass Valley, RTW, Schoeps, Snell,

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Appearing only in the Asia-Pacific region in the 2012 BBS Net Change of Overall Opinion League Table

  • Axon, Clear-Com, Dolby, Envivio, Evertz, Genelec, Harris, Shure, Yamaha

 

Appearing only in the Americas region in the 2012 BBS Net Change of Overall Opinion League Table

  • Aspera, Ensemble, Evertz, Telestream, Wheatstone,

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Please keep the following in mind when reviewing this information: All data these charts are presented in alphabetical order, not in the order brands were ranked by respondents to the 2012 BBS. All data in this article measures the responses of all non-vendor participants in the 2012 BBS, regardless of organization type, organization size, job title, geographic location, or purchasing authority — responses based on individual organization types or geographic locations may be very different from the results shown in this article.  There is a minimum sample size requirement for any brand to be included in any cut of the data presented in this article. There were a total of 152 brands covered in the 2012 BBS, for a complete list please click here. Granular analysis of these results is available as part of various paid-for reports based on the 2012 BBS data set. For more information about this report, please contact Devoncroft Partners.

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Devoncroft Partners has published a variety of reports from 2012 BBS data.  For more information, please get in touch.

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Related Content:

The 2012 Big Broadcast Survey – Information and available reports

The 2012 BBS Broadcast Industry Global Trend Index

Tracking the Evolution of Broadcast Industry Trends 2009 – 2012

Analyzing Where is Money Being Spent in the Broadcast Industry – The 2012 BBS Broadcast Industry Global Project Index

Ranking Broadcast Technology Vendors Part 1 – The 2012 BBS Overall Brand Opinion League Table

Last Year’s Net Change of Overall Opinion Rankings: Ranking Broadcast Technology Vendors Part 2 – the 2011 BBS Net Change in Overall Brand Opinion League Table

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© Devoncroft Partners. All Rights Reserved.

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The 2012 Big Broadcast Survey

broadcast technology market research | Posted by Joe Zaller
Apr 03 2012

I am pleased to announce that the 2012 Big Broadcast Survey (BBS), our annual study of the broadcast market, has been completed and that the reports from this project will be published soon.

We once again had record-breaking participation in this project.   Almost 10,000 broadcast professionals in 100+ countries participated in the 2012 BBS, making it the largest ever and most comprehensive market study of the broadcast industry.  We are humbled by and grateful for the unprecedented participation from so broadcast industry professionals who took the time to contribute to this year’s study.

The 2012 BBS offers unique insight into the broadcast industry by providing information about industry trends, budgets, capital projects, HD and file-based upgrade cycles, and more. It also provides detailed brand data on more than 100 broadcast technology vendors in 30+ product categories (see list in post tags below).

We created the BBS to help our clients, and readers of this website, better understand the issues and trends impacting the broadcast and digital media industries.  We received many positive comments about the BBS from both participants and our research clients, so we feel that we are on the right track and we will continue to publish data about the market on a regular basis.

We will begin to post summary data from the 2012 study on this website, so please check back regularly.

I will also be presenting a summary of the 2012 data on Sunday April 15th at the NAB Show, at a half-day conference session called Media Technology: Strategy and Valuation, which is being produced by Devoncroft, Silverwood Partners and the NAB Show.  It’s free for all registered NAB Show attendees, so please come along.

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Related Content:

Devoncroft – 2012 Broadcast Market Research Reports Now Available

Devoncroft – 2011 Broadcast Market Research Articles

NAB Media Technology: Strategy and Valuation Conference presented by Devoncroft, Silverwood and the NAB

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© Devoncroft Partners. All Rights Reserved.

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Vislink Reports Full Year 2011 Results, Reaffirms Goal of Growing Revenue by 60% Within Three Years

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Mar 27 2012

Vislink plc, which owns the Advent, Gigawave, Link and MRC brands, reported that its revenue for the full year 2011 was £50.3m and increase of 17% versus 2010.

On an organic basis (excluding the £4.5m contribution from Gigawave, which was acquired in June 2011) revenue was £44.7m, up 4% versus 2010.

Broadcast revenue was £42.3m (84% of total revenue), an increase of 16% versus the previous year. Excluding the contribution from Gigawave, 2011 broadcast sales were up 3% versus 2010.

On a geographic basis, broadcast revenue dropped 14% in both Western Europe and North America, the company’s two largest markets.  These declines were offset by strong growth in the Latin America and MEA regions, where sales in 2011 were up 63% and 61% respectively compared to the same period a year ago. APAC revenue was down 1%.

 

Guidance:

Vislink reaffirmed its strategic goal of achieving profitable growth to revenue of £80m within 3 years with an adjusted operating profit margin of 10%.  The company said it expects to meet this goal through a combination of organic growth at 10 -15% per year and “bolt on” acquisitions that strengthen its software and services capabilities, and exploit the growth of cloud based IP transport technologies and content tagging.

 

“2011 was a year of transition for the Group.” said company chairman John Hawkins.  “We achieved the objective of returning the business to profit in the second half of the year; we have growth in underlying revenue and orders received and we have increased our order book. We have improved our margins, substantially reduced the underlying cost base and simplified the management structure.  We have a good strategy based primarily on organic growth coupled with seeking out acquisitions in cellular and IP-driven technology. The successful execution of the strategy will provide long term growth and generate an increase in shareholder value. ”

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Related Content:

Press release: Vislink plc, Results for the year ended 31 December 2011

Previous Quarter: Vislink Reports Q3 2011 Results, Outlines Plans to Double Revenue Over Next Three Years

Vislink plc – Interim results for the six months ended 30 June 2011

More Broadcast Vendor M&A: Vislink Completes Acquisition of Gigawave for £3.75 Million

Vislink Interim Management Statement for 1H 2011

Vislink Says Orders Up in Q1, Expects to Post Smaller Loss for First Half of 2011

Previous Year: Vislink News & Entertainment Revenue Declined 28 Percent in 2010

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© Devoncroft Partners. All Rights Reserved.

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