In the first half of the year, Smartphoto
, maker of photo books and photo gifts, a slightly lower turnover than a year earlier. Turnover fell by 0.5 percent to 21.1 million euros. Sales of photo books and prints, which peaked last year, fell back to normal levels. This was largely offset by further growth in gifts.
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Gross operating profit (EBITDA) fell from 2.7 to just under 1 million euros. Higher fixed costs due to the opening of the new factory and the expansion of the teams are the cause, in combination with ‘traditionally lower volumes’. Net Smartphoto drops for 0.8 million euros in the red, where a year earlier there was still 0.9 million euros profit.
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The company maintains its expectation to achieve higher turnover and gross operating profit for the whole of 2021, ‘despite the limited visibility in recent months, including due to Covid-19’.
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The more extensive article by colleague Tobe Steel can be found here.
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