Posted in Company Announcements, Press Releases on August 10th, 2010
Colortrac, an important innovator in the field of wide format scanning technology, has achieved record unit sales, revenue and profit in their financial year ending April 30th 2010. Not including new business from OEM agreements, world-wide unit sales of Colortrac brand SmartLF large format scanners increased by 24% over the previous year. Colortrac’s consolidated result (unaudited) shows that group revenues increased by 42% to GBP £7.3 million, with a corresponding increase in pre-tax profits of 66%. In comparison, during 2009, revenue from sales of large format scanners at a major competitor is known to have reduced by 33%, resulting in their pre-tax profits being reduced to a break-even level.
Recent independent market research has indicated that Colortrac SmartLF is now the leading brand of stand-alone large format scanner in Western Europe with a 31% share of the market in 2009. This survey indicates a shift in market focus to Colortrac SmartLF large format scanners and software applications as the products of choice in a value conscious world, and has been achieved with the assistance of Colortrac’s ever-growing sales channels.
Expanding on the implications of these extraordinary results, Colortrac Managing Director Graham Tinn noted that “Clearly the worldwide economic downturn has had an impact on the performance of many markets over the past two years. However, our long term investments, both in competitive manufacturing at our factory at Suzhou, China and in our technology developments, are now providing us with greater capacity to react to our customers’ requirements in product quality, performance, functionality and value. These financial results and the growth in market share are a strong validation of our strategic product and business direction. It is providing a profitable base from which to continue our market expansion.”
Furthermore, Graham said “I am also delighted that our customers have seen the long term benefits of the quality, innovation and creative thinking we put into the SmartLF wide format scanners that we produce. Customers understand how these technical initiatives produce features that can increase their business productivity and performance. We have a rapidly increasing order book which, combined with planned new product introductions, should provide us with continuing profitable growth in our business when others are clearly losing market share.”
