Due to the successful expansion of clientele, State Printing House Plc, which still operates without any loan and credit, posted HUF 9.7 billion sales revenue in Q1-Q3 2009. Exports amounted to HUF 1,6 billion which exceeds the prior year figure significantly.

State Printing House Plc posted sales revenue of HUF 9.7 billion in Q1-Q3 2009 which is 8.2% lower than the corresponding figure of the previous year before the crisis. This was the result of the fact that although most of the international security printing industry competitors have also posted significant decreases, State Printing House could further expand its clientele this year. The HUF 1.4 billion EBITDA has dropped only by 6.7% year-on-year. The Company could significantly increase its export sales (to HUF 1.6 billion), which accounts for 16.5% of total sales in the current period. EBITDA margin of Állami Nyomda (14.35%) has exceeded the corresponding figure of the previous year and it is still one of the highest in international industry comparison. To preserve it, the company continues its active development activity and it aims to increase its competitive advantage by acquiring unique technologies. The economic crisis resulted mainly in the decrease of some products connected to the vehicle industry as sales of new cars fell by more than 60% in Hungary, which will expectedly effect the final quarter of the year as well.

Chief Executive Officer Gábor Zsámboki commented:
‘In the present economic situation, we consider it a success that we could keep sales revenue at such a high level. This reflects our stable operation and power in the industry for investors. The fact that we haven’t lost any clients as opposed to our competitors, what’s more, we have obtained new ones, points out that we can count on further orders as soon as the demand rises. Although our clients have slightly cut down on their orders, our innovative solutions in nanotechnology and biometric developments will ensure a strong position in the future.’

State Printing House Plc