Barco enjoys double-digit sales growth

Barco enjoys double-digit sales growth
Barco has announced its financial results for the first half of 2013 including an increase in sales of 12.6% over the same period last year.

The company reported that in the six month period ending 30 June, sales totaled 597.9 million euro compared to 531 million euro for the first half of 2012.

Incoming orders for the same period amounted to 556.5 million euro, an increase of 2.5% compared to 542.9 million euro for the same period in 2012.

Net income was revealed to be 31.7 million euro, compared to 43.5 million euro a year before.

During 2013 the company acquired Taiwanese manufacturer AWIND and Norwegian projection technology manufacturer projectiondesign.

“Barco performed well delivering another semester of double-digit sales growth and good operational profitability even as we absorbed two acquisitions and continued to invest in several strategic growth initiatives,” said Eric Van Zele, President and CEO.

“While our Projection division gained share in all of its markets, sales for our Healthcare and Advanced Visualization divisions were somewhat slow in the first semester. Market acceptance of our digital operating room solution is taking time but our efforts to create demand are bearing fruit and we expect to see stronger order intake going forward. In addition, sales for ClickShare are gaining momentum, supporting our outlook for a resumption of growth in the second half of the year for the Advanced Visualization division. Also in the Defense & Aerospace division we experienced slippage on a few major programs into the second half of the year and we took steps to reduce costs in view of reduced military spending worldwide, which resulted in our booking a 4.6 million euro restructuring provision.

With these and other strategic growth initiatives taking hold, we believe we are on track to deliver another year of profitable growth.”

The company additionally announced that Earnings Before Interest, Taxes, Depreciation and Amortisation was 76.7 million euro, compared to 71.7 million euro for 1H12. EBITDA margin was 12.8%, compared to 13.5% for the first half of 2012.

EBIT before restructuring was 41.8 million euro, a decrease of 1.8 million euro from 43.5 million euro for the same period of 2012. EBIT margin was 7.0%, compared to 8.2% for the first half of 2012.