Significant points:
- Strong rebound in Print activity (+84%) bringing it almost up to a pre-Covid-19 level. Home Decor activity also confirms its positive momentum, first noted at the beginning of 2020.
- Hardware activity is down slightly (-6% proforma), due to a lack of major sales of LED displays during the period. A contract for Germany worth €3 million has been signed in Q2.
- Order backlog on June 30, 2021 at €11.9 million is up slightly on March 31, 2021 and €2.3 million higher than on June 30, 2020.
Q1 consolidated sales
| Q1: April 1 - June 30, 2021 | ||||
| Non audited | 3 months | 3 months | ||
| In € Million | 2021-2022 | 2020-2021 | Var €M | % |
| Print activity | 8.09 | 4.39 | +3.70 | +84.3% |
| Hardware activity | 3.27 | 3.48 | -0.21 | -6.0% |
| Comparable Q1 total sales | 11.36 | 7.87 | +3.49 | +44.3% |
| Total sales Anthem Displays (Hard) | - | 0.37 | - | - |
| Published Q1 total sales | 11.36 | 8.24 | +3.12 | +37.8% |
| Total constant currencies | 11.21 | 8.24 | +2.97 | +36.0% |
The foreign exchange impact is mainly due to variations of the South African Rand and the Canadian Dollar.
To facilitate comparability, the Group presents a proforma total revenue for 2020-2021, excluding the contribution from its American subsidiary Anthem Displays that, as of December 23, 2020 when the Group sold off part of its stake in the entity, is no longer fully integrated but instead consolidated on an equity basis.
In Q1 2021-2022, Prismaflex International recorded strong growth in total sales, up +37.8% at €11.4 million (+44.3% on a like-for-like basis). In line with the Group's expectations, the performance is due in part to a favourable comparative base, as seen by the strong rebound in Print activity after being hard hit by the restrictive measures deployed during the health crisis in April and May 2020.
Print activity stands at €8.1 million, up +84.3%.
Although Printing activity is still affected by the on-going health crisis, the printing activity sales without Home Décor are increasing month after month, moving towards pre-Covid-19 levels. The growth dynamic noted for Home Decor during the previous financial year continues with total sales standing at €1.5 million, up +57%, thanks notably to increased orders from a key business customer specialising in home improvement.
Hardware activity sales stand at €3.3 million, down, on a comparable basis €0.2 million on N-1 but up €0.8 million on N-2. LED display sales are down (€1.4 million vs €3.0 million in N-1), due to a lack of any significant sales during the quarter. Sales during the period include €0.3 million worth of LED Totems to Clear Chanel Brazil for a Netflix campaign. Traditional activities (notably static billboards) are performing well (€1.9 million vs €0.5 million) particularly in Canada.
Outlook
Q1 order intake remained dynamic with an order backlog on June 30, 2021 at €11.9 million, up €0.4 million on March 31, 2021 and up €2.3 million on June 30, 2020.
Business visibility continues to improve for the Print activity thanks to the economic upturn and the Group's marketing actions. The more traditional activities should, in a more favourable context, rapidly return to pre-crisis levels while Home Decor continues to have a positive business outlook.
Concerning Hardware, recorded Q1 performance does not reflect the current business momentum. The Group recently signed a contract worth €3.0 million (not included in the order backlog for 30/06/2021) for the production and delivery of LED columns for a major German OOH company and is currently bidding for significant projects concerning the provision of LED displays, some in collaboration with Clear Channel. The decision-making processes for these projects are however long and the initial deliveries could, if successful, begin in S2. The Group is also pursuing its successful penetration of the mass retail and municipalities markets.
Building on the benefits of these elements, Prismaflex International confirms its objective of a return to significant and profitable growth in 2021-2022 with a better absorption of fixed costs and the productivity gains deployed over the past quarters.
Forthcoming dates:
- The Annual Shareholders meeting will take place on September 30, 2021 in Saint Clément les Places (69930) France at 2.30pm.
- Q2 Sales figures, October 28, 2021 after closure.
| PRISMAFLEX INTERNATIONAL OUTDOOR ADVERTISING SOLUTIONS MANUFACTURER AND WIDE FORMAT DIGITAL PRINTING ISIN: FR0004044600-ALPRI - Reuters: ALPRI.PA - Bloomberg: ALPRI.FP EURONEXT GROWTHTM www.prismaflex.com |
Contacts:
Florence Thérond - CFO - Phone: +33 (0)4 74 70 68 00 - finance@prismaflex.com
Guillaume Le Floch - Analysts/investors/press contacts - +33 (0)1 53 67 36 70 - glefloch@actus.fr
Marie-Claude Triquet - Press relations - Phone: +33 (0)4 72 18 04 93 - mctriquet@actus.fr
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