Barco releases 2021 financials, orderbook looks healthy but sales still below 2019 levels

Barco releases 2021 financials, orderbook looks healthy but sales still below 2019 levels
Barco has announced its results for the six- and twelve-month periods ending 31 December 2021.

Orders were €979 million, up 31 % compared to 2020, driven by economic recovery across all markets and all regions.

Sales for the year increased 4% to €804m, with the ongoing effect of the pandemic on business activities and component shortages (estimated impact in 4Q21 was approximately €15m) still being felt.

Fourth quarter sales were 29% higher than 4Q20 reflecting increases in each business unit but still 21% below the pre-pandemic fourth quarter of 2019. At the end of 2021 orderbook was at a record level of €487m.

The Entertainment division delivered good growth in both orders and sales in 2021, following a soft 2020. Both business units contributed to the year-over-year growth with Cinema showing order intake growth across all regions and sequential gains in sales. The Immersive Experience business unit recovered well, particularly in the fixed install business reflecting greater demand from museums, projection mapping and theme parks.

Enterprise saw a continuation of quarter-over-quarter improvements in orders as of 2Q21 in both segments. Sales rebounded toward the end of the year, fueled by solid deliveries and deployments in both the Meeting Experience and Large Videowall segments.

Orders for Healthcare reached a record high in 2021 reflecting the resumption of healthcare investments in both the diagnostic imaging and surgical market segments, while sales were flat, hampered by component shortages.

Co-CEOs An Steegen and Charles Beauduin (pictured above) commented,”2021 was a challenging year, but we saw undeniable indications of recovery in Barco’s demand across all business units and regions attesting to the health of Barco’s end markets and strength of our leadership positions. The Barco team turned challenges into opportunities, adjusting to the impacts of the pandemic on business operations. Our new organisational structure has been established and we are already seeing the benefits in customer responsiveness and team engagement.

While we are still dealing with uncertainties regarding the shape and pace of market recoveries, we are starting the year with a strong orderbook, a solid balance sheet and a cost structure that gives us the flexibility to navigate the risks and opportunities ahead. As a result, we are in a good position to resume executing toward our long-term financial objectives.”

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