“We are already strongly differentiated in Networks,” said CEO Steve Collar on the decision not to pursue the split in a statement issued together with the company’s results for the nine months ending 30 September.

Networks revenue increased by 7.5% year-on-year to reach €569m but the company’s video arm continued to struggle after lower than expected results in 2019. While still accounting for €832m, video revenue was down 8.1% compared to the same time last year.

Overall revenue has fallen steadily since the end of 2019, from €532m in Q4 of last year to €462m in Q3 2020. Net profit for the first three quarters of the year was €154m, down from €250m for the same period in 2019.

Still, Collar said he was optimistic the company would deliver on its full year outlook. The company last month announced a €230m contract with French media company Canal+. In September it signed a multi-year contract with Microsoft to become its medium Earth orbit partner on Azure Orbital, a project connecting satellites to Microsoft’s cloud.

SES, in May, had announced that it would be cutting up to 15% of jobs across its group, closing offices in Brussels, central London, Isle of Man, Warsaw and Zurich as part of plans to “simplify and amplify” operations.

Measures implemented as part of the simplify and amplify plan would save between €40-50m from 2021 onwards, the company said on Thursday.