Agfa-Gevaert expects a recovery in profitability in the full year 2023 versus 2022 following the release of its Q2 financials. Group revenue for the quarter was 287m Euro, which matched Q1, putting the first half year 3.3% up on the same period in 2022 – on figures restated following the sale of its offset business. Adjusted EBITDA for Q2 was 13m Euro, down 21.5% on Q1, but the first half overall was up 8.3% on the same time period in 2022. The group posted a 14m Euro loss in Q2.
The digital print and chemicals division saw revenue climb 5.8% over Q1 to 104m Euro, the full first half up 13.1% to 200m Euro on the same six months in 2022. The adjusted EBITDA for the half year was up 11.2% to 9.2m Euro.
The group financial statement said that in the field of digital print during Q2, the top line of the sign and display business continued to grow, based on the good performance of the ink product ranges for sign and display applications, as well as the Inca Digital Printers acquisition. It added that the it has already sold several Onset printers using Agfa inks. In Q2, Agfa also announced the launch of new ink sets for its Onset inkjet printers.
The group noted that the development of the SpeedSet 1060 single-pass packaging printer is proceeding as planned. The market introduction of this water-based inks running printer will happen as planned in 2024, with a customer unveiling later this year.
In the field of industrial inkjet, Agfa sold a second InterioJet water-based inkjet printing press to décor paper printing company Chiyoda, in spite of the weak investment climate in that sector.
In Q2, sales figures for the Zirfon membranes for advanced alkaline electrolysis continued to grow strongly, though this business is not yet contributing to the results of the division. Over 100 active customers are now using Zirfon membranes for hydrogen production via alkaline electrolysis and strong growth is expected.
Looking ahead, Agfa-Gevaert President and CEO Pascal Juéry said: “Whereas the macroeconomic and geopolitical conditions remained tough for several of our traditional activities, we booked significant revenue growth for our growth engines in HealthCare IT and Digital Print. In terms of new business creation, we are on track with the development of the SpeedSet 1060 single-pass packaging printer. Furthermore, as more and more large green hydrogen projects are being implemented, sales for our industry-leading Zirfon membranes are growing exponentially. Meanwhile, we are making good progress with our project to build a new industrial unit for ZIRFON membranes at our Mortsel site in Belgium. I am very pleased that this project has been selected for a EU Innovation Fund Grant. The new plant will allow us to meet future customer demand and to be a key player in the clean energy transition.”
