Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) has announced results for the six month period ended June 30, 2017.
CEO, Jan De Witte said “On the strength of a sound second quarter performance, Barco posted first semester gains in orders and a solid profitability,” said Jan De Witte, CEO. “While the discontinuation of some non-profitable activities and the anticipated transition in the cinema market in key regions impacted sales, order intake was strong. The higher level of order intake reflects an uptake in demand for our new projection products for the Entertainment market and continued growth for ClickShare and our Healthcare solutions.”
“Barco grew gross profit margin to 38.3% and EBITDA margin was 9.3% for the first half of 2017, reflecting favorable mix and initial results from the “Focus to perform”-program including value engineering initiatives & portfolio streamlining actions.”
“During the second half of the year, we plan to focus on further strengthening our global competitiveness, improving our commercial excellence while launching and shipping new hardware and software solutions across divisions.”
“With a solid orderbook and the completion of selected portfolio optimizations we are well positioned for an improvement in sales and EBITDA margin for the second half of the year compared to the first half” .
First half 2017 financial highlights included: –
– Incoming orders at 561.9 million euro (+5.4%)
– Orderbook at 349.5 million euro, (+9.0% versus year-end 2016)
– Sales at 518.0 million euro (-2.1%)
– Gross profit margin of 38.3% (+2.4 ppts)
– EBITDA of 48.2 million euro (-1.3 million euro) or 9.3% of sales (flat compared to 1H16)
– EBIT of 31.6 million euro (+7.4 million euro) or 6.1% of sales (+1.5 ppts)
– Net income at 19.2 million euro (+1.1 million euro)
Given top line results for the first half of the year, management expects full year sales to be in line with last year. Their (previous) target of further improving EBITDA remains unchanged.