Significant points for the year:Printing activity stands strong despite a difficult context Strong impact of foreign exchange rates over the period Hardware activity hard hit during fourth quarter Prismaflex Street Furniture subsidiary reorganization finalized Setting up of a plan to reduce fixed costs
Annual Consolidated Sales Figures (1st April 2008 - 31st March 2009)
|En M¤||2008/2009||2007/2008||Var. M¤||Var. %|
|Total 12 months||52,92||62,12||- 9,2||-14,8%|
|Total (constant currencies)||55,55||62,12||-6,57||-10,6%|
Excluding foreign currency fluctuations, Printing activity stands at -2.8% and Hardware at -16.3%. Excluding LED signs, global activity for 2008/2009 is at 52.34 M€ against 59.88 M€ the previous year, down 12.6%.
The trend of the 3rd quarter was intensified over the 4th quarter. Hardware activity, with a demanding base (LED sales), is down on the 2nd semester by 36.8% (-34.9% at constant currency) and Printing by 6.7% (-2.4% at constant currency).
For the year:
Printing (excluding Home Décor) at 18.6 M¤, is down around 9% mainly due to foreign exchange movements and a particularly difficult context in Spain and England.
Home Décor activity withstand, confirming the decision to support and develop the activity. Sales represent 9.6 M¤ against 9.9 M¤ the previous year which benefitted from the launch and sale of new products.
Hardware activity (excluding Home Décor) stands at 24.7 M¤, down 22% on the previous year, with a strong fall in the third quarter.
Trivision sales at 8.1 M¤ are down 31%. In accordance with the recovery plan, Street Furniture sales drop 33% to 4.4 M¤. Advertising signs are up by around 3.7% at 11.7 M¤.
Trends for 2008/2009 & outlook
The reorganization of the Street furniture activity is now complete but will continue to weigh on results - an operating loss of approximately 1.4 M¤. This loss, and fall in activity over the 4th quarter, will clearly impact 2008/2009 operating results, even if they remain positive.
On March 31st, 2009, the order backlog, principally made-up of Hardware orders, represent 4.3 M¤, against 7.5 M¤ on March 31st, 2008.
1 Excluding possible goodwill amortization
To reduce breakeven point by at least 3.5 M¤ and to see the current crisis through, while at the same time remaining competitive, the group is stepping up its measures to adapt to the current situation - freeze or postponing of all client-based hardware investments.
A Plan to reduce group fixed costs has been laid out and includes:the reorganization of services and reduction of the workforce, the renegotiation of service-offer related contracts, the shelving of projects with a too long-term profit potential. On the other hand, the development of economic and innovative printing solutions such as the "GRAPH'IT" range, a new generation of glue-free signs, remains a priority for the group in the mid-term.
Next press release: 2008/2009 annual figures, June 23rd, 2009, after closure.
Outdoor Advertising solutions manufacturer and large format digital printing
ISIN : FR0004044600-PRS - Reuters : PRS.PA - Bloomberg : PRS FP
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|PRISMAFLEX INTL||Euronext Paris||20.59 (c)||-1.77%||647|