TRADING UPDATE 3Q20
22/10/2020
Kortrijk, Belgium, 21 October 2020, 7:30 am Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced the results for the third quarter ended 30 September 2020.
Financial highlights 3Q20
Orders, versus 3Q19, declined to 157.6 million euro from 275.6 million euro
Orders, versus 2Q20, increased 8.7%
Order book as of 30 September 2020 stood at 299.1 million euro, 5.7% below end of June 2020
Sales, versus 3Q19, declined to 167.4 million euro from 266.9 million euro
Sales year-to-date decreased 24.7% to 574.7 million euro, compared to the same period a year ago
Sales, versus 2Q20, were 2.4% lower reflecting a decline in Healthcare sales in the third quarter offset by increases in Entertainment & Enterprise sales
Executive summary 3Q20
Group topline
The third quarter results continued to reflect varied demand dynamics associated with covid-19 across Barco's regions and divisions. Although orders and sales were significantly below last year, on a quarter-over-quarter basis, sales were essentially flat, and orders grew.
3Q versus 2Q comparison - Regional breakdown
From a regional perspective, sales grew in EMEA markets and were flat in APAC, reflecting economic pick-up in several end markets. Sales declined in the Americas region where the pace of economic recovery in our end markets lags other regions.
3Q versus 2Q comparison - Divisional breakdown
Divisional results reflect early indications of economic recovery in the Entertainment and Enterprise divisions. Activity in Healthcare was weaker across all segments and most pronounced in the Americas region as customers reset delivery schedules based on hospital spending priorities.
Enterprise sales began to rebound in the third quarter as demonstrated by a solid pick-up for both the Control Rooms and the ClickShare segments. ClickShare sales continued to steadily improve in line with back-to-office trends and the need for solutions that enable hybrid workspaces. Six months after its launch, ClickShare Conference now accounts for 22% of the ClickShare business.
In Entertainment, both the Cinema and the V&H segments contributed to a modest 3% growth in divisional sales versus Q2 on new build activity for cinema in EMEA and with services rebounding as cinemas reopen.
Healthcare reported a slow third quarter, following a very strong first half. As a result, sales year-to-date for Healthcare are now flat. The weak 3Q was driven by short term postponement of investments by hospitals leading to deployment push-outs.
Investing in strategic growth opportunities while adjusting the cost base
The company continues to execute its plan to align both its activity rate and spending with the impacts of the pandemic by resetting indirect cost levels, next to temporary measures and resource redeployments.
In parallel, the company continues to invest in strategic portfolio innovations and to strengthen commercial activities in selected markets and regions in order to further improve its competitive position.
Quote of the CEO, Jan De Witte
While total company topline for the 3rd quarter was flat with the 2nd quarter, we saw improvements in Enterprise and indications of economic recovery in EMEA and parts of APAC. Healthcare delivered a softer quarter, but its fundamentals remain solid. In Entertainment, although the global Cinema and Events segments are clearly riding a roller-coaster, Barco's longer-term growth opportunities remain unchanged. With Clickshare Conference, positive market receptivity is telling us we have the right product at the right time to enable hybrid workplaces, and we are continuing to invest in building awareness.
At this point, it is clear that 2020 will prove to be an off-year for the Barco P&L. To put the company back on its path to reaching its long-term financial goals, we are resetting expense levels while continuing to invest in strategic growth initiatives, said Jan De Witte, CEO of Barco.
Outlook
Taking into account the uncertainties associated with the second covid wave, both in terms of its impact on ongoing recovery rates in Europe and delayed recovery in the Americas region, management expects continuous pressure on topline performance.
Given lower volumes, unfavorable mix and continued investments in commercial and innovation strength, we expect a considerable decrease in full year EBITDA margin compared to the first half.
Read the full press release here
Disclaimer:
This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Barco is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Barco disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Barco.
About Barco
Barco designs technology to enable bright outcomes around the world. Seeing beyond the image, we develop visualization and collaboration solutions to help you work together, share insights, and wow audiences. Our focus is on three core markets: Enterprise (from meeting, classroom and control rooms to corporate spaces), Healthcare (from the radiology department to the operating room), and Entertain
LINK: | https://www.barco.com/en/News/Press-releases/TRADING-UPDATE-3Q20.aspx... |
See more stories from projectdesign |
Europe Stories
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
19/04/2024
Thank You for visiting us at NAB 2024!
Thank You for visiting us at NAB 2024! Thank you for joining us at the ToolsOnAir booth during NAB Show 2024! We were delighted to showcase our latest inno...
19/04/2024
How Spotify Approaches Safety With Sarah Hoyle, Global Head of Trust and Safety
Spotify's mission is to unlock the potential of human creativity by giving a million artists the opportunity to live off their art and billions of fans the ...
19/04/2024
Spotify and Taylor Swift Create a One-of-a-Kind Library To Celebrate THE TORTURED POETS DEPARTMENT'
It's a beautiful day to be a Swiftie. Today, Taylor Swift dropped her 11th s...
19/04/2024
How 1185 Films created the VFX on new horror, All You Need Is Death
Simon Wilkinson, head of VFX at 1185 films, talks about the technology behind the newly-released horror By Matthew Corrigan Published: April 19, 2024 Simo...
19/04/2024
Could Sony be preparing a bid for Channel 5's parent company?
The global electronics company is said to be considering joining forces with investment firm Apollo Management to bid for Paramount Global By Jenny Priestley ...
19/04/2024
EBU report highlights contribution of free-to-air sport broadcasting
The report broke the economic footprint of EBU member sports broadcasting into three main areas By Matthew Corrigan Published: April 19, 2024 The report b...
19/04/2024
Rohde & Schwarz and VIAVI support European OTIC in Berlin for O-RAN conformance certification
Rohde & Schwarz and VIAVI support European OTIC in Berlin for O-RAN conformance ...
19/04/2024
Riedel launches Bolero Connect for seamless integration with PunQtum
Wuppertal April 19, 2024 Riedel launches Bolero Connect for seamless integration with PunQtum A pioneer in the field of digital intercom, Riedel has recently ...
19/04/2024
2024 ANNUAL GENERAL MEETING OF KUDELSKI SA
Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland - April 19, 2024 - The Annual General Meeting of Kudelski SA (SIX:KUD.S) was held...
19/04/2024
RT NEWS ANNOUNCES SAMANTHA LIBRERI AS NEW EASTERN CORRESPONDENT
RT News is pleased to announce the appointment of RT journalist, Samantha Libreri, as Eastern Correspondent. Samantha will be reporting and providing analysis...
19/04/2024
Documentary Murder of a GAA Chairman' sheds light on the unanswered questions of the family of Sean Brown
Documentary Murder of a GAA Chairman sheds light on the unanswered questions of ...
18/04/2024
First Look: Tom Durant Pritchard joins the cast of crime drama Miss Scarlet for its fifth series
Tom Durant Pritchard as Alexander Blake Thursday 18 April 2024 Tom Durant Prit...
18/04/2024
How today's storage and memory decisions underpin future creativity
Ann Keefe, Regional Director - UK and Ireland at Kingston Technology, explains how storage and memory decisions made now are underpinning creativity in the futu...
18/04/2024
Escape Studios obtains UKVI licence to support international students
The newly acquired UKVI licence enables Escape Studios to recruit and retain international students By Matthew Corrigan Published: April 18, 2024 Updated: ...
18/04/2024
NAB 2024 popular among first time visitors
Attendees from more than 163 countries were present, including 34 delegation buying groups from around the world By Matthew Corrigan Published: April 18, 202...
18/04/2024
2024-04-18
Apple has reduced its overall greenhouse gas emissions by more than 55 percent since 2015, the company shared today in its 2024 Environmental Progress Report. T...
18/04/2024
Thales secures three major contracts to modernize the Portuguese railway infrastructure
Facebook Twitter LinkedIn Thales alongside partners SISINT and CONECTICABO...
18/04/2024
RT Prime Time experiment reveals disturbing content recommended to 13 year old TikTok users in Ireland
In response to growing concerns raised regarding the adverse impact of TikTok co...
18/04/2024
Remembering Alf McCarthy and Larry Masterson
We were saddened to learn this morning of the passing of our friend and former colleague, Alf McCarthy who died yesterday. We remember Alf as a popular present...
17/04/2024
Spotify's Michael Krause Talks Industry Trends Ahead of Our Music and Podcasting Summits in Germany
On April 18 and 19, experts from across the audio industry-including artists, pu...
17/04/2024
Spotify Brings Entrepreneurs and Trailblazers Together to Talk the Future of Tech in the UK
With its particular combination of talent, ambition, culture, and, of course, wo...
17/04/2024
NextGen Partners With Howard University Professor Nikole Hannah-Jones on Student Podcasting Course
At Spotify, we want to equip student creators with the tools and resources neede...
17/04/2024
Colorfront showcases upgrades across product range
Colorfront has introduced AI vision-analysis tools to assist master QC operations with detecting framing anomalies, dead pixels, bright titles and sparkles By ...
17/04/2024
Meet the Founder and director
By TVBEurope Staff Published: April 17, 2024 Updated: April 18, 2024 Rory Springthorpe, founder and director at outside broadcasting company Vivid Broadc...
17/04/2024
HMS Networks completes a placement of 3,500,000 shares, raising proceeds of SEK 1,400 million
To read about the placement of shares, please confirm your location...
17/04/2024
Putting the spotlight on Global Shading Day
Posted on 17 Apr 2024 Creating traction and momentum around Global Shading Day was a key objective for the British Blind and Shutter Association in 2024. The ...
17/04/2024
HMS Networks explores the conditions to carry out a directed share issue of approximately SEK 1,400 million
To read about the directed share issue, please verify your country...
17/04/2024
ASTRA Media Factory has won Best of Show 2024 Award at NAB!
ASTRA Media Factory has won Best of Show 2024 Award at NAB! We are pleased to announce that our product ASTRA Media Factory has won in this year's Best of...
17/04/2024
2024-04-17
Apple today announced new progress to expand clean energy around the world and advance momentum toward Apple 2030, the company's bold goal to be carbon neut...
16/04/2024
A Spirit Between Worlds
Directed by H l na Klotz, La V nus dargent (aka Spirit of Ecstasy) presents the tale of Jeanne Francoeur (played by Claire Pommet), a young woman striving to es...
16/04/2024
Adobe previews generative AI tools to streamline professional video workflows
New generative AI tools will enable users of Adobe Premiere Pro to streamline editing all videos, including adding or removing objects in a scene or extending a...
16/04/2024
Atomos appoints Daniel Moore as new chief technical officer
Moore has led the development effort for over 20 products in the AV space By Matthew Corrigan Published: April 16, 2024 Moore has led the development effo...
16/04/2024
UNIT deliver picture post and colour grade for new BBC1 drama series
Coles enhanced colour separation, adding shape and depth to the characters through the use of a soft highlight and shadow roll off, and embracing the natural te...
16/04/2024
MAGYAR TELEKOM (THE COMPANY) HELD ITS ANNUAL GENERAL MEETING (GENERAL MEETING) ON APRIL 16, 2024.
MAGYAR TELEKOM (THE COMPANY ) HELD ITS ANNUAL GENERAL MEETING ( GENERAL MEETING...
16/04/2024
IRALTA VR's New Immersive Experience: Dive into the Galapagos Islands with Mistika VR
Published On: April 16th, 2024 data-orig-src=https://www.sgo.es/wp-content/upl...
16/04/2024
Interim report 2024, January - March
First quarter Net sales for the first quarter reached SEK 616 m (773), corresponding to a decrease of 20%. Currency translations had a negative effect of SEK 3...
16/04/2024
HMS Networks realizes immediate cost synergies and launches cost saving program to streamline the organization
Following the closing of the acquisition of Red Lion Controls ( Red Lion ) on Ap...
16/04/2024
Rodeo FX expands into colour grading with new Baselight suite
Article courtesy of Post Read the article Toronto's Rodeo FX has expanded its offerings into colour grading with the recent opening of a new Baselight gra...
16/04/2024
FilmLight's Nara connects creative teams
Article courtesy of Digital Media World Read the article FilmLight's Nara gives post-production facilities, VFX houses and other media professionals immed...
16/04/2024
Jigsaw24 partners FilmLight on its media tool Nara
Article courtesy of Televisual Read the article FilmLight has chosen Jigsaw24 Media as the first global and exclusive UK partner for its new content managemen...
16/04/2024
La Gran Carpa Catedral reaches new audiences across Europe and MENA thanks to Eutelsat Group satellite coverage
Photo credit: GETTY IMAGES Press release - 16 April 2024 10:45 La Gran Carpa...
16/04/2024
Operation and Further Development of the AOK Website
Arvato Systems Takes over Operation and Further Development of the AOK Website Digital Transformation in the Healthcare Sector Arvato Systems wins tender fro...
16/04/2024
2024-02-29
Apple today announced an expansion of Self Service Repair for MacBook Pro and iMac models powered by M3, with support available today. Since April 2022, Self Se...
16/04/2024
2024-04-16
Today Apple announced it will open Indonesia's fourth Apple Developer Academy in Bali, expanding on its investment to increase opportunities for developers,...
16/04/2024
Bots Now Make Up Nearly Half of All Internet Traffic Globally
Facebook Twitter LinkedIn Automated and malicious traffic rises for a fifth consecutive year Bad bots account for 32% of all internet traffic 44% of all...
15/04/2024
SiliconCore adds to XR range with new 1.2mm XR LED Display
SiliconCores patented Common Cathode driver chip delivers frame rates of 240 Hz and a refresh rate of 7680Hz, enabling slow motion, multi-camera view and multip...
15/04/2024
Naphtali Cave joins MOOV
The UK-based virtual studio, sports and events graphics company has appointed Naphtali Cave into a newly created role to drive technical innovation and creativi...