EFI profits up 200% as sales hit record $650m

Revenue for the 2012 calendar year was US$652.1 million ($627 million) – 10.2% higher than the year before and 62.6% higher than the US$401.1 million posted in 2009.

Pre-tax profit increased from US$30.4 million to US$35 million, while a US$48.2 million income tax benefit meant net profit came in at US$83.3 million, more than three times 2011’s US$27.5 million.

The US-based firm also boosted its profit margin from 4.6% to 12.8%.

The 2012 figures continued the upward trajectory EFI has been on since it posted a US$2.2 million loss in 2009.

Chief executive Guy Gecht forecast further "growth opportunities ahead for EFI and our customers" in 2013.

[Feature: EFI raises the stakes in MIS]

"We finished 2012 with a very strong quarter that marked a record year for EFI," he said.

"The fourth quarter again demonstrated tremendous execution and commitment by our team, solidifying our third consecutive year of double-digit growth."

Gecht revealed that EFI was poised to do more deals in 2013, following its four acquisitions in 2012, with packaging one target area for the US-based digital printing and software giant.

"There’s a lot to do, especially in the area of packaging, it’s still a big area. We are only addressing really labels, so the pipeline is actually pretty good."

Commenting on EFI’s most recent industrial inkjet acquisition, the ceramic tile printer manufacturer Cretaprint, Gecht said that EFI was moving closer to producing ink for the Spanish firm.

He added that EFI was working on something "technically better than the ink that is available" in the market and that it was not intending to compete on price, but rather on quality.

"That's why we'll take our time and when we bring it to the market it should be pretty good outcome for everybody," he added.

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