EFI remains on track for $1bn annual turnover after record quarter

EFI is on track to achieve its targeted $1bn (£762m) turnover after it reported a 21% increase in revenue in the second quarter of 2016, compared with the same quarter in 2015.

The results demonstrate a record increase for the US-based technology business and record turnover for any quarter.

Q2 revenue was $245.7m, an increase of $40m from last year’s $202.7m. 

Added on to Q1, EFI’s revenue for the first six months of 2016 was $479.8m, which was again a 21% increase on the same six months in 2015 ($397.3m). 

GAAP net income was $5.2m or $0.11 per diluted share, compared with $7.7m or $0.16 per diluted share for the same period in 2015.

Non-GAAP net income was $26.7m or $0.56 per diluted share, compared with 2015's $44.4m or $0.92 per diluted share.

EFI sales vice-president for EMEA Paul Cripps said: “We were very excited about the results in the second quarter. We had tremendous growth in our software business, excellent growth in industrial inkjet and had a strong Fiery quarter in the EMEA region.

“Our strategy of having different pillars of the business is being well executed, so from that perspective it definitely worked.

“Some people were a little more conservative in their buying decisions and then of course we had the terrorist attack in Turkey, which threw a little bit of our business in that marketplace, but despite that we had tremendous results, especially for EMEA."

Cripps highlighted a number of successful acquisitions, which are contributing to the boost in turnover. He also pointed to a growth in sales of EFI’s Cretaprint ceramic tile printers, headquartered in Spain. 

EFI bought Reggiani Macchine and Matan digital printers in July 2015, for a combined total of approximately $188m.

EFI chief executive Guy Gecht said he was pleased with how EFI’s position at Drupa had validated its “strategy and product roadmap” and that he was especially encouraged by the reception to EFI’s Nozomi platform.

The Nozomi C18000 is EFI’s first dedicated single-pass corrugated press.

Last month, EFI further boosted its standing in the textile market with the purchase of Optitex, a 2D/3D fashion design and prototyping software developer. 


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