Barco has had enjoyed a tremendous year, reporting that they have seen a 32% increase of year-on-year topline growth (ending in December 2022) with a significant increase to their bottom line. The company attributes this bouncing back in part to growing demand across industries that led to double-digit sales growth in all divisions.
The healthcare division’s order intake remained strong across all regions through 2022, with the Diagnostic Imaging unit receiving increased investment displays, while the enterprise division enjoyed accelerated revenue across all regions. Barco credits this in part to the return-to-office trend, as well as the increasing trend of hybrid meetings. Large video walls flourished across regions with double-digits sales growth, supported mainly by control room installations.
While component shortages stunted the entertainment division across the start of 2022, the latter half of the year was more encouraging, with the immersive experience unit reaching an all-time sales high, particularly in the fixed-install space such as museums, theme parks, and projection mapping.
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Barco saw a gross profit margin increase of an average of 39% quarter-over-quarter in 2022, up 3.3 percentage points year-over-year. Barco attributes this bounce back to 2019 levels to “gross profit actions, a more favorable product mix most outspoken in the Enterprise division and a less constrained supply chain during the second half of the year.”
Barco is confident that this trend will continue, as 2022’s growth primes the company for further stabilization and profitability in the years ahead. Barco CEO’s An Steegen and Charles Beauduin commented on the growth, stating, ” 2022 was a transition year for Barco. We managed to bring our business back on a successful track. Throughout the year we kept accelerating, and we are ready for our further growth ambitions. We were happy to see the renewed dynamics in our teams, with more accountability and customer-centricity.
The supply chain was challenging, but creativity and perseverance from our teams turned 2022 into a success. We start 2023 fully engaged to deliver on our long-term strategic growth plans. Besides optimizing our operational efficiency and manufacturing footprint, we are looking forward to expanding our market potential with growth in both our core and adjacent markets. Furthermore, we intend to focus more than ever on world-class innovations with our visualization and collaboration technology.”
