August 27, 2021
The Turbon Group half yearly figures show a return to profitability despite the pandemic-related adverse effects on operating business.
The company reports that losses in the printing segment have not only stopped, but are profitable again, even if this development is only partially reflected in the figures for the first half of the year, the company explained.
In the Turbon Electric segment, the company continued on its course of profitable growth.
The consolidated turnover of the first half of 2021 amounted to €22.8 million ($26.8 million) (previous year period: €21.5 million ($25.28 million)). Earnings before taxes (EBT) in the first half of the year were €2.3 million ($2.7 million) (same period last year: -€0.9 million (-$1.06 million)).
The sales of the US companies acquired in the second half of June are not included in the sales of the first half of the year. Sales will be recorded in the Printing segment from July 2021. If the acquisition of shares of Turbon International Inc. had taken place at the beginning of the financial year, sales from the US companies in the first half of the year would have added €3.2 million ($3.76 million) to overall sales.
In the business segment Turbon Printing revenues reported were €13.8 million ($16.23 million) (previous year: €14.9 million ($17.52 million)) and thus 60.6% of total sales (previous year: 69.3%). The company explained that the decline in sales is in essence has two causes.
Firstly, continued COVID restrictions and continued home office working resulted in lower demands for toner cartridges. Secondly, the restructuring of the company with sale of its shares in the Turbon Products AG (now renamed GO Supplies AG), Hünenberg, Switzerland, sales now take place through its subsidiaries Embatex GmbH and Turbon Products Iberia SL. Large quantity purchases are now served directly from the factory, Turbon Romania.
Its subsidiary in Dubai, Interactive Printer Solutions FZCO, Dubai, United Arab Emirates, sales increased by around 17% over the same period last year.
Turbon also reported that the dispute with the British supervisory authority “The Pensions Regulator” and the “trustee” of the pensions scheme of our subsidiary Keytec (GB) Limited was settled by concluding an agreement.
Categories : City News