Prodways reports revenue up 75% in 2018
February 28, 2019
Prodways Group has reported that its revenue was €60.9 million in 2018, up 75.0% from €34.8 million in 2017, exceeding the Group’s objective for the year which had already been upgraded to €58 million. The surge reflects growth in all of the Group’s activities, bolstered by the contributions of Solidscape and Varia 3D.
The Systems division, comprising 3D software, AM systems and related materials, generated revenue of €13.6 million in the fourth quarter of 2018, a significant rise of 85.5% compared with the fourth quarter of 2017. Year-on-year, the Systems division posted impressive growth of 120.8%, to €38.4 million.
In the fourth quarter, the Systems division benefited from the integration of the US 3D printer maker Solidscape, which contributed approximately €2 million to quarterly revenue, as well as from strengthened marketing and sales efforts and the release of new machines (ProMaker LD-20 and ProMaker V10). Prodways Group saw an increase in the number of customers with more than one Prodways machine and shortened decision-making processes. In the medium term, the increase in sales of machines dedicated to manufacturing applications is expected to benefit to materials sales. AvenAo, acquired late 2017, recorded double-digit growth this quarter.
Revenue from the Products division, including on-demand parts manufacturing and medical applications, was €5.9 million in the fourth quarter of 2018, up 2.9% compared to a strong fourth quarter in 2017. The on-demand parts production business remained buoyant, with more than 1 million parts manufactured this year, and higher demand for mass production, particularly in the optics and aeronautics sectors, for which production capacities were expanded during the financial year. In the Medical applications, podiatry activity continued to post double-digit growth, while strengthened sales efforts in dental and audiology activities are expected to bear fruit in the medium term.
In January 2019, Prodways Group completed the acquisition of Surdifuse-L’Embout Français, a major French player in audiology. thanks to the merger between Surdifuse-L’Embout Français and Interson-Protac, acquired in 2017, the Group ambitions to create the French leader and one of the European leaders in customised hearing aid eartips. This acquisition is expected to generate more than €3 million in revenue in 2019 and to have a positive impact on the Group’s income.
