Agfa has released its third quarter figures for 2022 with mixed results, showing growth in wide-format digital print against a background influenced by lockdowns in China, supply chain issues and cost inflation leading to a €17 million loss for the quarter and a €37 million loss for the three 2022 quarters to date.
The company is preparing additional measures to address challenges in the digital print and chemicals and radiology divisions and to outline the post-offset structure, following the deal announced in 30 August 2022 to sell its Offset Solutions business to Aurelius Group.
Pascal Juéry, president and CEO of the Agfa-Gevaert Group, said, ‘The radiology solutions and digital print and chemicals divisions continued to struggle with the lockdowns in China, supply chain issues and cost inflation. Several activities also felt the impact of the weakening economic environment, mainly in Europe and China. On top of the current transformation actions regarding our internal IT and financial services, the economic reality requires further measures to adapt the cost structure of the group.
‘Our confidence in the strategy we have outlined for our digital print and chemicals division is strengthened by the recognition of the superiority of our systems by the market and by industry experts,’ he added, alluding to various industry awards received for the company’s inkjet products, including from the Printing United Alliance.
The company recently confirmed its acquisition of Inca Digital, extending and consolidating its range in wide-format multiple and single-pass digital printing, with existing and potential applications in packaging, including corrugated, as well as in signage and display. Mr Juéry described the move as ‘a demonstration of our willingness to grow the business’.
Although supply chain issues continued to cause disruptions, the digital print and chemicals area grew substantially compared to the third quarter of 2021, mainly driven by the sign and display business which showed strong top-line growth. Inks for sign and display applications continued to perform well. Despite industry-wide logistical challenges for the high-end equipment, the top line of the wide-format printing equipment business also continued its upward trend, though the industrial inkjet décor business was impacted by the weakening economic environment, as customers are postponing investments in their digitisation process.
The development of the Inca (as was) Speedset single-pass packaging printer is said to be proceeding as planned. In the third quarter, contracts were signed for the delivery of the first Agfa-branded Onset wide-format flatbed printers.
