- Strong Printing activity (+19%) despite an increasingly demanding basis of comparison.
- Hardware activity posts strong growth (+59%) favoured by the delivery of international orders and a favourable base effect.
- Order backlog on September 30, 2022 remains high at €13.2 million despite the delivery of major orders over the period.
Consolidated figures first six months (April 1, 2022 – September 30, 2022)
|YTD April 1, 2022 – September 30, 2022||Q2 : July 1, 2022 – Sept 30, 2022|
|Not audited||6 Months||6 Months||3 Months||3 Months|
|In € million||2022-2023||2021-2022||Var. %||Q2 22-23||Q2 21-22||Var. %|
|Total constant currencies||29.74||23.14||+28.5%||14.60||11.78||+23.9%|
The foreign exchange impact is mainly due to variations of the CAD and USD.
In Q2 2022-2023, Prismaflex International continued to benefit from strong commercial dynamics and a healthy order backlog. The Group recorded a 24.9% growth for the period (+23.9% at constant exchange rates) with total sales standing at €14.7 million. This performance means the Group closes the S1 period with total sales at €30.1 million, up +30.2% (+28.5% at constant exchange rates).
Printing activity for the period stands at €19.9 million, an organic growth of 19.1% compared with S1 2021-2022. Since the beginning of the six-month period, sales are driven by traditional printing activities thanks to sustained demand and the integration of new printing equipment. This increase also benefits from a price effect linked to increased sales prices to pass on part of the effects of inflation. Home décor activity however is down €1.0 million at €2.5 million following a downturn in demand from the main commercial customer (destocking).
Hardware activity sales stand at €10.2 million, up a significant +59.2%, a performance that was anticipated in light of the strong order backlog at the end of the previous financial year. This performance is mainly due to a strong upturn in LED display sales that reached €6.3 million for the period, compared with €2.8 million in S1 2021-2022, representing an increase of +122%. Prismaflex International continues delivering international orders to Germany and Benin and continues to win market share in France on the municipalities and mass retail sectors. Analog product sales are also up at €3.9 million (+8%) with substantial orders for street furniture (non-digital display columns) and trivision displays. Lightbox activity however is down.
Despite this good level of activity recorded in S1, the Group profitability is impacted by the inflation of supply and production costs. The price increases implemented by Prismaflex International are progressive and have not yet a full effect on the six-month period, which has an impact notably on the margins of the Printing activity. The Group therefore aims to achieve a recurring operating income similar to that recorded in S1 2021-2022 in light of the current economic context.
Order backlog on September 30, 2022, albeit down on June 30, 2022 due to significant deliveries made in SI, remains dynamic at €13 million (€7.5 million for Hardware and €5.5 million for Printing).
This order backlog integrates recent business won for Hardware, with orders for Brazil and Belgium with Clear Channel and new contracts in Germany and Morocco. Activity in France also remains dynamic.
Printing activity is also well oriented thanks to sustained demand. The Group is committed to returning to its historical margin levels.
Prismaflex International is confident of attaining in the second half of the year a level of activity similar to that recorded in S1.
For information, the Group has decided to consolidate its hardware activities for operational, financial and legal reasons within a new wholly-owned structure, with the exclusion of its Anthem Displays assets that were sold last week. This sell-off strengthened the Group's financial situation by €0.7 million.
2022-2023 six-month results: December 12, 2022 after closure. Conference call on December 13, 2022.
|PRISMAFLEX INTERNATIONAL |
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