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Weaker Yen, increased sales help Mimaki present good Q1 result

Mimaki has joined other Japanese wide format manufacturers in announcing good sales growth for the first quarter of 2022. 'China and Russia' affected the results but sales were still up 13.4% and operating profit up 10.3% over 2021's Q1. The forecast for the half and full financial years has been revised upwards accordingly.

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Mimaki showed the new JFX 600 series flatbed UV printer at PacPrint, Jason Hay pictured speaking with customers

Mimaki logoThe company states that sales increased by ¥1,883 million compared to the same period of FY2021 (+13%, including + ¥1,081 million due to the impact of exchange rates), exceeding the forecast

"Despite ongoing shortages of parts and materials in general and prolonged lead times for transportation, as well as the negative impact on production and sales brought about by the Russia-Ukraine crisis in Europe and lockdowns in China, sales of new products launched in the previous fiscal year began to contribute in earnest, existing products performed well in general in the face of constraints in supply of main products, and sales of ink and maintenance parts grew steadily, allowing us to leverage customer demand for printing and capital expenditure," said Mimaki.

Mimaki President Kazuaki Ikeda
Mimaki President Kazuaki Ikeda

The weak yen exchange had a positive effect, with a considerable increase in sales • Profit increased by ¥80 million compared to the same period of FY2021 (+10%, including + ¥264 million due to the impact of exchange rates), exceeding the forecast.

Mimaki reviewed its sales prices as a measure against overall increases in costs due to ongoing inflation and rising costs of parts, materials, and transportation. The cost of sales ratio was flat year-on-year due to exchange rates, while SG&A expenses increased in line with increased sales activities.

Sales of the entry-level models JV/UJV100 increased, shipments of the new flagship model JV/CJV330 began, and ink sales were strong, and sales increased in association with exchange rates. Sales of the UJF-3042/6042Mk II e, and UJF-7151plus II, updates to the lineup caused sales of main products to increase significantly, while sales of large flatbed printers grew with the existing JFX200 as well as the new JFX600, with ink sales experiencing significant sales growth.

www.mimakiaus.com.au