Paul van Gerven
20 February 2020

After a year of decline, Besi managed to stabilize revenue in the closing quarter of 2019: sequentially, it grew 3 percent to 92.4 million euros. The Duiven-based semicon equipment manufacturer feels the worst of the downturn has passed, though now the coronavirus may start to impact results negatively.

Besi Fico molding line
Credit: Besi

The downturn started for Besi in Q2 2019, when customers started to respond to uncertainty caused by global trade tensions. Particularly the mobile and automotive end-user markets were affected. Besi’s spares/service activities helped provide some cushion to operating results. This less cyclical, high-margin business generated revenue equal to approximately 20 percent of consolidated revenue.

Full year revenue of 356.2 million euros was down 32.2 percent year-on-year, net income of 81.3 million euros was down 40.4 percent. Through cost reductions – baseline operating expenses were decreased to 2015 levels – Besi managed to maintain a gross margin of 55 percent throughout the year, however.