The company has released its FY2020 results, recording a €13.1 million ($15.75 million) decrease year-on-year in sales.
Consolidated sales in the 2020 financial year amounted to €41.9 million ($50.39 million), compared to the previous financial year where consolidated sales were €55 million ($66 million). The initial forecast for 2020 was a total of €43 million ($51.7 million) in sales, but the Coronavirus pandemic took more effect than initially expected, the company said.
In the Turbon Printing division, customers who mainly sell through the stationary trade, because of officially ordered shop closings sold less and therefore less ordered. In the Turbon Electric segment, difficulties in cross-border work meant that Turbon’s production facility in the Czech Republic had a significantly lower workforce than usually available and thus less could be produced.
The gross margin stayed regardless of these difficulties, unchanged from the previous year at 18.9%, the company said. The Printing segment accounts for €28.3 million ($34.03 million) of sales, down from the previous year where sales were €41.3 million ($49.66 million). The decline in sales in the Turbon Printing segment is partly due to the focus on certain customer groups, in part it is based on the result of counter measures the Coronavirus pandemic decreased demand from its customers, Turbon said.
For the current financial year (2021) Turbon is planning group sales of €44 to €47 million ($53 to $57 million) in total. During this period Turbon said it is looking to sell property in Thailand which will contribute to the overall results. An unsolicited offer was received and is being examined, the announcement said.
