
Feb 9, 2023
FULL YEAR RESULTS
INSIDE INFORMATION - REGULATED INFORMATION
32% topline growth with significant profitability improvement, positioning Barco well for long-term profitable growth
Kortrijk, Belgium, 9 February 2023, 7:30 am - Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced results for the six- and twelve-month periods ended 31 December 2022.
Financial highlights fiscal year 2022[1]
Orders 1,058.4 million, +8% versus orders in 2021
Sales 1,058.3 million, +32% versus sales in 2021 (+24% at constant currencies)
Orderbook year-end 496.5 million, up 9.5 million euro versus year-end 2021
EBITDA 126.5 million euro or 12.0 % of sales versus 58.5 million in 2021
Adjusted EBIT 90.1 million compared to 19.4 million in 2021
Free Cash Flow 13.1 million versus 78.0 million in 2021
Net earnings 75.2 million euro versus 8.9 million euro in 2021
Proposal to increase the gross dividend to 0.44 euro per share from 0.40 euro last year
Executive summary
Group topline - strong sales and order growth across all divisions
Order intake for 2022 was 1,058.4 million euro, 8% more than in 2021. This result was driven by a solid recovery of demand across all divisions.
Sales for the year increased 32% to 1,058.3 million euro, close to the pre-pandemic level in 2019. Excluding China, all regions posted sales back at the levels of 2019. We expect the Chinese activity to pick up from the second quarter of 2023 onwards.
Year-over-year, all divisions delivered double-digit sales growth. The steady improvement in the supply chain over the second half of 2022 allowed for faster delivery of the existing orderbook, which was still at a record-high year-end position. The order book at the end of December 2022 stood at 496.5 million euro, which is more than 50% above the level at year-end 2019.
Division topline - confirmed rebound in all divisions and business units
In Healthcare, order intake remained strong throughout 2022. This reflects the resumption of demand in both the Diagnostic Imaging and Surgical & Modality market segments, in all regions, including China. The Diagnostic Imaging business unit benefited from further customer investments in replacement displays for radiology and from the resumption of mammography display sales which have been softer during the pandemic. The Surgical & Modality business unit generated particularly strong growth in the Americas and in China, driven by large modality projects and digital operating rooms.
Enterprise saw continued recovery from the pandemic with significant sales growth in both segments. Meeting Experience sales accelerated in all regions, starting in EMEA, followed by Americas and Asia. This growth was supported by the return-to-the-office wave, the increasing trend towards video-enabled hybrid meetings and the growing recognition of ClickShare's Bring Your Own Meeting value proposition. Large Video Walls realized double-digit sales growth in all regions, fueled by deployments of control rooms.
The Entertainment division produced encouraging results in 2022. During the first half of the year, the division dealt with component shortages. From mid-year onwards, the situation improved steadily, allowing for a ramp up of deliveries on the high order book. While 2022 Cinema sales have not yet returned to pre-pandemic levels, Cinema ended the year with an order book that was twice as high as year-end 2019. For Cinema, solid demand for Barco's all-laser portfolio led to growth in all regions except Asia, where the lockdowns in China impacted the business. The Immersive Experience topline reached an all-time high, with a particularly strong uptake in the fixed install business that reflected greater demand from museums, projection mapping and theme parks.
Profitability & free cash flow - significant EBITDA margin improvement
The gross profit margin improved quarter-over-quarter throughout 2022 to an average level of 39.0%, up 3.3 ppts year-over-year. This rebound in gross profit margin back nearly to 2019 is attributable to gross profit actions, a more favorable product mix most outspoken in the Enterprise division and a less constrained supply chain during the second half of the year.
The EBITDA margin reached 12.0% for the full year, up 4.7 ppts versus last year. Both gross margin recovery and operating leverage on the topline growth contributed to this result. As the supply chain constraints were largely resolved, the EBITDA margin jumped from 9.8% in the first half of the year to 13.7% in the second half, reconnecting with the 2019 level. Each of the business units contributed positively to the EBTIDA margin except Large Video Walls where the profitability keeps lagging. Management intends to conduct a strategic review of this business unit in 2023, focusing on profitable products and markets.
Free cash flow for 2022 was 13.1 million euro compared to 78.0 million euro in 2021. This decrease is entirely due to higher working capital. First, we ended the year with higher trade receivables after the record-high sales in the fourth quarter. Second, inventory levels of mainly components remained high as a result of volume purchases and a build-up of safety stocks for critical components. We expect working capital to return to normalized levels in 2023.
Quote of the CEOs, An Steegen and Charles Beauduin
An Steegen and Charles Beauduin commented: 2022 was a transition year for Barco. We managed to bring our business back on a successful track. Throughout the year we kept accelerating, and we are ready for our further growth ambitions.
We were happy to see the renewed dynamics in our teams, with more accountability and customer-centricity. The supply chain was challenging, but creativity and perseverance from our teams turned 2022 into a success.
We start 2023 fully engaged to
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
10/04/2026
The Invisible OPEX Killer: Is Your Server Room Dragging You Down? In the broadcast world, we talk a lot about uptime. We talk about talent retention, latency...
10/04/2026
Imagine Communications will showcase its multiviewer portfolio at NAB Show 2026 (April 19-22, Booth N1328, Las Vegas Convention Center), including Prismon and t...
10/04/2026
Chyron has released PRIME VSAR 2.3, an update to its virtual set and augmented reality solution for broadcast. The release adds compatibility with Unreal Engine...
10/04/2026
Techex will exhibit at NAB Show 2026 (Booth W2267, April 19-23, Las Vegas Convention Center), demonstrating new tx darwin features including consumer multiview,...
10/04/2026
NDI will exhibit at NAB Show 2026, demonstrating its IP video ecosystem through live partner integrations, NDI 6.3 features, AI metadata workflows, and creator ...
10/04/2026
FOR-A has announced the acquisition of all shares of Tamu Radiance Corporation, a new company spun off from the Information Equipment Business of Tamura Corpora...
10/04/2026
InSync Technology will showcase new and updated video conversion products at NAB...
10/04/2026
TNT Sports and DAZN have announced a partnership to air monthly boxing events in the United States under the brand The Fight. The series will be promoted in p...
10/04/2026
Panasonic Projector and Display has announced the SQ3 Series of 4K LCD displays as part of its MEVIX professional display portfolio. All sizes will be available...
10/04/2026
Amagi has announced the addition of Agentic Media Operations to its Amagi NOW platform, integrating AI reasoning agents across its media supply chain workflows ...
10/04/2026
LTN has announced enhancements to its global IP video network targeting broadcasters transitioning from satellite distribution. The updates come ahead of US fed...
10/04/2026
Daktronics has installed new LED displays at Yankee Stadium, upgrading the main centerfield board, two flanking boards, and two ribbon displays spanning the 200...
10/04/2026
Harmonic has announced updates to its hybrid streaming solution, including Model Context Protocol (MCP) connectivity for AI applications, cloud-native deploymen...
10/04/2026
MultiDyne Video and Fiber Optic Systems will introduce two new fiber transport products at NAB Show 2026 (Booth C4425, April 19-22): the FiberSaver-10G waveleng...
10/04/2026
Telos Alliance and ip-studio will demonstrate STUDIO ZERO, a cloud-hosted virtual studio, at NAB Show 2026. First introduced at NAB Show 2023, STUDIO ZERO integ...
10/04/2026
d&b solutions, a London-based audio-visual, lighting, and media integration grou...
10/04/2026
ARRI and SmallHD have announced a new expansion license for ARRI's Hi-5 and Hi-5 SX hand units that displays lens data overlays on supported SmallHD monitor...
10/04/2026
Roku and the Banana Ball Championship League (BBCL) have announced an exclusive streaming partnership to bring five BBCL games to the Roku Sports Channel in 202...
10/04/2026
Ratings Roundup is a rundown of recent rating news and is derived from press rel...
10/04/2026
The Peabody Awards don't just recognize great storytelling, they spotlight t...
10/04/2026
After launching the Spotify Podcast Awards in Mexico last year, we brought the fan-voted celebration to Paris this week for its first edition in France. Hosted ...
10/04/2026
Powered and unpowered live PA ranges upgraded
Yamaha have just refreshed four of their hugely popular PA speaker ranges, delivering significant improvements...
10/04/2026
Underlying plug-in & VI technology now available to others
UJAM's latest announcement sees the company open up' Gorilla Engine, the development pla...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
NEWPORT BEACH, Calif., April 10, 2026 Bitcentral, a leading provider of professional media solutions for broadcast and digital video, will showcase its latest...
10/04/2026
Ikegami to Introduce Expanded Range of Broadcast Production Solutions at NAB 202...
10/04/2026
AJA Debuts SMPTE ST 2110 and openGear Solutions Ahead of NAB 2026
Brie Clayton April 10, 2026
0 Comments
New gear and updates address evolving hybrid ...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/04/2026
Frequency, the engine behind the worlds leading streaming television channels, today launched its AI platform for Frequency Studio, powering the entire channel ...
10/04/2026
What can I watch on UKTV and stream on U this week?
This week on UKTV and the free streaming service U, viewers can watch a range of new and returning programm...
10/04/2026
J nger Audio Joins EBU ADM Integration Group as Founding Member to Help Advance...
10/04/2026
Five-part Sky Original drama airs nightly on Sky Mix and Sky Atlantic from 20 Ap...
09/04/2026
Staines-upon-Thames, UK, 09, April, 2026 - Yospace, the trusted leader in Dynam...
09/04/2026
just:play pro 2026 and just:live pro 2026 Sneak Preview News for NAB 2026
More Details:At NAB 2026, ToolsOnAir will showcase just:play pro 2026 and just:live p...
09/04/2026
just:in mac pro 2026 - The Next Level of Professional Recording on macOS at NAB ...
09/04/2026
Zixi will demonstrate IP-based live video workflow solutions at NAB Show 2026 (Booth W2057).
The industry is moving quickly toward IP-based distribution as br...
09/04/2026
Global women's elite sports revenues are expected to reach at least $3 billi...
09/04/2026
Monitor engineer Gavin Tempany mixed Kylie Minogue s Tension Tour on a Solid Sta...
09/04/2026
KOKUSAI DENKI Electric America will exhibit at NAB Show 2026 (Booth C5507), debu...
09/04/2026
With the 2025-26 NBA regular season concluded and the playoffs beginning next we...