Sales and orders for the first quarter of 2023 grew in line with our goals for the year after a very strong fourth quarter in 2022.
Orders were up 16% year-over-year. Order intake was particularly strong in the Entertainment division, exceeding the pre-pandemic level driven by a record-high quarter for Cinema that demonstrated the strength and value of Barco’s all-laser cinema portfolio. With a positive book-to-bill ratio, the orderbook strengthened to 530.1 million euro.
Sales grew 20% versus the same quarter last year reflecting growth in all regions. The growth was most pronounced in the Entertainment division, fueled by both the Cinema and Immersive Experience markets, and also in Meeting Experience in the Enterprise division. Healthcare saw a decline in orders and sales as a large modality platform phased out while new substantial Surgical & Modality projects are phasing in. These are expected to contribute to the growth of Healthcare towards the end of the year.
Quote of the CEOs, An Steegen & Charles Beauduin
“The first quarter of 2023 gave Barco a solid foundation for continued growth throughout the year and the achievement of our stated financial goals for the year. We are particularly delighted with the strong results in Entertainment and Enterprise, which are mitigating the temporary softness that Healthcare is experiencing due to the phasing out and phasing in of projects.
While we saw growth across all our regions, we were pleased to see markets reopening in China, which supports our confidence that this important geography will contribute significantly to Barco’s growth in 2023, particularly in the second half of the year.”
Outlook 2023 - current
The following statements are forward looking on a like-for-like basis and actual results may differ materially.
Assuming no significant changes in current market conditions, management is reconfirming its FY23 outlook, with an expected sales growth between 10 and 15% for 2023 versus the previous year.
The EBITDA margin is expected to further improve and move above 14% for the full year 2023.