Oct 18, 2023
Trading update 3Q23
REGULATED INFORMATION - INSIDE INFORMATION - INVESTOR RELATIONS
Focus on profitability growth, while facing tougher market conditions
Kortrijk, Belgium, 18 October 2023, 7:30 am - Today Barco (Euronext: BAR; Reuters: BARBt.BR; Bloomberg: BAR BB) announced the results for the third quarter ended 30 September 2023.
Third quarter 2023 highlights
Orders for 3Q23 of 239.9 million euro, -1% vs 3Q22
Year-to-date orders of 781.0 million euro, up 4% versus last year
Order book per 30 September 2023 stood at 523.4 million euro, 5% higher than at the start of the year and 3% higher than end of June 2023
Sales for 3Q23 of 229.6 million euro, -12% versus 3Q22 (-9% at constant currencies)
Year-to-date sales 750.5 million euro, +2% yoy (+3% at constant currencies)
Executive summary 3Q23 Group topline
Quarter-by-quarter overview
The order level of 239.9 million euro in the third quarter was essentially flat versus the same quarter last year, with growth for Enterprise and Entertainment, and a decline for Healthcare. There were significant regional differences. Demand in APAC remained weak, driven by lower than expected investment levels in China. In Americas, orders grew, with important gains in the Cinema and Large Videowalls segments, partially offset by lower orders in Healthcare. In EMEA the order level declined, driven mainly by Entertainment. The orderbook further grew to 523.4 million euro, growing 3% compared to 505.8 million euro at the end of June 2023. The book-to-bill ratio for the third quarter was above 1.
Sales for the third quarter amounted to 229.6 million euro, 12% lower than the same quarter last year. The Entertainment division continued to perform solidly driven by significant sales growth in the Cinema segment, compared to a strong third quarter of 2022 when the business was rebounding from the supply chain constraints of 1H22. Healthcare sales were 27% lower than last year due to the slower than expected recovery in China and lower sales in the Americas, where sales was impacted by the phase out of a large modality platform, and a delay in supply for an updated Diagnostic Imaging display platform. Meanwhile, Healthcare sales grew in EMEA. In the Enterprise division, the sales declined 13% driven mainly by Large Videowalls, where we executed on the strategic review, but also saw further project delays at major implementation partners. Meeting Experience saw market share gains in a softer market, resulting in a mid-single digit decline in sales versus the same quarter last year.
During the third quarter Barco continued to invest in its growth initiatives aimed at propelling growth in 2024 and beyond. These include new product introductions for next year in all divisions: new additions to the ClickShare portfolio, further expansion of the Barco CTRL software platform for control rooms, the launch of a new flagship product for mammography and a new generation of image processing controllers and mid-end projectors for the Immersive Experience market. In Cinema, we are planning to introduce a new media server and the next generation of laser cinema projectors, equipped with HDR Lightsteering technology. Regarding manufacturing, we continued to roll out our focused factories strategy, while the construction of the new factory for projection in Wuxi is on track.
Quote of the co-CEOs, An Steegen and Charles Beauduin
In the third quarter of 2023, the headwinds of the second quarter intensified. The expected recovery in China from the pandemic has not materialized which is having an impact on the results and growth outlook for this year. In our key markets, we see a mixed picture: Healthcare and Enterprise are facing softer demand related to the weakening macro-economic conditions. On the other hand, the Entertainment market continues to build on its strong momentum that started last year.
While navigating these tougher market conditions throughout 2023, the fundamentals of our key markets remain intact, and our focus is on winning market share, cost containment and further margin improvements. In addition, our management teams remain committed to executing on our strategic initiatives, notably our roadmap of new product introductions and the operational efficiencies through focused factories.
Outlook 2023 and beyond
The following statements are forward looking on a like-for-like basis and actual results may differ materially.
Given the difficult market conditions, management expects sales for FY23 to be in line with last year. At this topline level, management expects an EBITDA margin around 14% for the full year 2023.
The 2024 topline growth will depend on the evolution of general market conditions. However, management reconfirms its long-term guidance to return to high single digit sales growth. Management reconfirms its guidance for an EBITDA margin between 14% and 18% for 2024 and subsequent years.
Update on co-CEO Charles Beauduin
Co-CEO Charles Beauduin has been away from the office on medical leave over the past few months. In recent weeks Mr. Beauduin has resumed his role as co-CEO, working remotely for the most part, but also gradually returning to the office to attend key meetings.
Download full press release
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 ev
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
31/08/2025
Legrand | AV, a global specialist and industry leader in audiovisual solutions, returns to CEDIA Expo 2025, taking place Sept. 4-6 in Denver, with a powerful li...
31/08/2025
Global media technology company Backlight will unveil new capabilities in its Iconik, Wildmoka, and Zype product lines at IBC2025 (booth #1.D09), September 12 1...
30/08/2025
WASHINGTON The Federal Communications Commission has adopted its FY 2025 Regulatory Fees Order that establishes the regulatory fee rates for the broadcast stati...
29/08/2025
Australian Red Cross and SBS launch training to help workplaces in the fight aga...
29/08/2025
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
29/08/2025
L3Harris Technologies has concentrated decades of expertise across the entire enterprise to develop affordable and reliable best-of-breed solutions to rapidly c...
29/08/2025
BURBANK, Calif. The CW Network and the Pac-12 Conference have announced a new media rights deal that will extend their broadcast partnership beginning with the ...
29/08/2025
NEW YORK Gracenote has released a new analysis of its global video dataset showing that the number of FAST channels grew nearly 14% from Q1 2025 and 76% since 2...
29/08/2025
SAN JOSE, Calif. Harmonic has announced a series of improvements to its live sports streaming solution that the company said will improve fan engagement, protec...
29/08/2025
NEW YORK and LOS ANGELES Fox Corp. and YouTube TV last night announced a renewal of the full portfolio of Fox networks, including Fox News Channel, Fox Business...
29/08/2025
Budapest, Hungary, August 2025 - The integration of Microsoft Teams Rooms (MTR) with Lightware's Taurus universal matrix switchers delivers a new level of f...
29/08/2025
Frequency, the engine behind many of the world's best-known streaming television channels, today announced it will launch Studio Live, a next-generation uni...
29/08/2025
In an era when AI and cyber resilience are essential, Scality will mark the 10th anniversary of Scality Day on October 16, 2025 in Paris. This flagship global e...
29/08/2025
Disguise's In-House Creative and Technical Teams Pre-Visualised, Programmed and Delivered Content for the Experience, All Powered by EX 3+
Technology solu...
29/08/2025
Disguise will be demonstrating the latest workflows for TV, film and live events on a number of partner booths at the show
Disguise, the industry-leading tech...
29/08/2025
STOCKHOLM, Sweden Accedo will showcase Accedo Compose, its AI agent-powered modular orchestration layer that assists streaming providers in transitioning client...
29/08/2025
LOS ANGELES Cineverse has announced that it is working with Xperi to bring four of its streaming channels to automobiles for the first time as part of the DTS A...
29/08/2025
DALLAS & ATLANTA Gray Media has announced an agreement with the sports streaming service Victory+ to simulcast 17 Dallas Stars NHL games in 15 television market...
29/08/2025
NEW YORK AND CULVER CITY Comcast NBCUniversal and Amazon have announced new and extended distribution agreements that will expand the content available on their...
29/08/2025
FOOTHILL RANCH, Calif. RED Digital Cinema will feature its Cine-Broadcast Module supporting live broadcast workflows during IBC2025, Sept. 12-15, at the RAI Ams...
29/08/2025
29 Aug 2025
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and ...
29/08/2025
More than half of all NFL games live on Sky for the first timeFriday 29 August 2025
Sky Sports has announced a new three-year deal with the NFL, extending its ...
29/08/2025
Back to All News
RIV4LRIES: The Trailer of the New Series With Samuele Carrino ...
29/08/2025
Get ready for an inspiring and emotional insight into the world of competitive Irish dancing with My Story: Tomi Champion of the World airing on RT 2 this monda...
29/08/2025
RT has today announced that David McCullagh is to be the new presenter of RT Radio 1's flagship Today programme, which airs every weekday at 10am, replaci...
28/08/2025
By Kristin Feeley, Director, Documentary Film & Artist Programs
If you want to tell untold stories, if you want to give voice to the voiceless, you've got ...
28/08/2025
Directed by Steven Bognar and Julia Reichert, Sundance Institute-supported Amer...
28/08/2025
Corridos have been a cornerstone of M sica Mexicana for generations, telling stories rooted in everyday life. Now, a new chapter is taking shape: motivational c...
28/08/2025
Los corridos han sido un pilar de la M sica Mexicana durante generaciones, contando historias enraizadas en la vida cotidiana. Ahora, un nuevo cap tulo est tom...
28/08/2025
Earlier this month, we promised our Verano Forever party would bring the heat, a...
28/08/2025
L3Harris will provide the Polish F-16V fleet with the Viper Shield electronic warfare system as part of an upgrade program....
28/08/2025
Bilbao, August 26, 2025 - AgileTV, an international television and video technol...
28/08/2025
Ken Wilkinson is an Emmy Awards nominated New York audio engineer who specialises in production sound mixing for film, commercial, episodic and documentary work...
28/08/2025
NEW YORK FuboTV today announced that it will launch Fubo Sports, a skinny bundle that focuses on sports with a subscription price of $56 monthly....
28/08/2025
NEVADA City, Calif. At IBC2025, Sept. 12-15 at the RAI Amsterdam, Telestream will debut its new Global Ingest strategy, introducing a next-generation ingest arc...
28/08/2025
Dr. Rhoda Bernard Releases Groundbreaking Debut Book on Accessible Arts Educatio...
28/08/2025
TAG Video Systems, the leader in software-based IP end-to-end workflow monitoring, deep probing, and real-time visualization, has named Oliver Gappa as Sales Di...
28/08/2025
AI-based voice enhancement will be among a series of innovations making their IBC 2025 debut on the DHD stand B46 in Hall 8 at the RAI Amsterdam Convention Cent...
28/08/2025
Telef nica Servicios Audiovisuales (TSA), the leading system integrator and service provider in the media sector in Spain, with the support of Appear, the globa...
28/08/2025
To fully immerse sailing fans in the world's biggest offshore yacht race, production company, Optical Media turned to LiveU's On-site Production solutio...
28/08/2025
Working with Calrec on its most recent overhaul, radio and television broadcaster, WNED has migrated to a fully IP infrastructure with multiple Type R consoles,...
28/08/2025
Cleeng, the Subscriber Retention Management (SRM ) inventor, has unveiled Cleeng Pro, the first-ever direct-to-consumer (D2C) subscription management platform t...
28/08/2025
Zixi, the industry leader in live broadcast-quality video over IP, today announced that French media distribution platform OKAST has selected Zixi to enable rel...
28/08/2025
Solution offers a streamlined, speaker-free architecture to optimize integration with premium external loudspeakers and advanced loudness metering
Nixer Pro Au...
28/08/2025
Cinegy, the premier provider of software-defined television technology, has announced a strategic partnership with Vision One Touch Film Production Services L.L...
28/08/2025
Telestream, a global leader in media workflow technologies, will debut its new Global Ingest strategy at IBC2025, introducing a next-generation ingest architect...
28/08/2025
Tier 1 operator selects Broadpeak to power high-performance, unified CDN solution across Norway, Sweden and Finland
Broadpeak, a leader in streaming and moneti...
Oct 18, 2023 
