Offset Printing
BOBST Group expects first half year loss due to Covid-19 lock-down impact and announces change in the Group Executive Committee
Thursday 25. June 2020 - The spread of Covid-19 has caused major disruptions in the global supply chain and has impacted the international trade and service business in recent months. Most machine installations and service interventions scheduled for the second quarter of 2020 could not be performed as planned due to travel bans, which has a significant impact on revenue recognition.
2020 sales will be even less balanced than in previous years affecting negatively the first half-years profitability. Bobst Group expects its sales for the first half of 2020 to be more than CHF 200 million lower than the CHF 737 million achieved in the same period in 2019. The operating result (EBIT) for the first half of 2020 is expected to be around CHF 50 to 60 million lower than the CHF 15 million achieved in the same period of 2019.
Although countries are reopening borders, there is still a lot of uncertainty mainly linked to air travel and the overall economic and pandemic situation. It is therefore not possible at this time to give a reliable guidance for the Groups full year revenues and results.
The Group announces change in the Group Executive Committee
After 9 years of dedicated service in Bobst Groups Executive Committee, Philippe Milliet, Head of Business Unit Sheet-fed, decided to take on new mandates and to re-focus his activities on business outside of BOBST in the near future. During his tenure he not only prepared the Business Unit Sheet-fed, which he led, for the new market requirements in the folding carton and corrugated board industries, he was also prominent in the evolution of Bobst Group to the current stage by leading major Group transformation program, standardization of core processes and systems, as well as helping increase BOBSTs market presence in China over the past years. “We warmly thank Philippe Milliet for his strong contributions to the success of the Business Unit Sheet-fed globally and also Bobst Mex SA operations in Switzerland. He always led with great passion and professionalism. We wish him all the best for his future endeavors.”
Effective 1 July, 2020, Jean-Pascal Bobst, Group CEO, will head the Business Unit Sheet-fed ad interim.