Scanfil shows stable development during the pandemic

For the second quarter of 2020, Scanfil recorded turnover of EUR 155.6 million (compared to EUR 142.6 million in 2Q19), and its operating profit was EUR 10.2 million (EUR 6.4 million) or 6.5% (4.5%) of turnover. Net profit ended up at EUR 8.3 million (compared to 4.6 million). During the quarter, the company also announced the sale of the entire share capital of Scanfil (Hangzhou) Co., Ltd., a subsidiary located in Hangzhou, China. “Apart from the infections and production shutdown at the Myslowice plant in Poland in April, there have been no disruptions, and our employees have remained healthy. The measures we have implemented have significantly reduced the risk of infection, which has given us more confidence about the future: we are more prepared for a second wave of the COVID-19,” says Petteri Jokitalo, CEO of Scanfil, in a press release. The CEO continues to explain that to some extent, COVID-19 will change the company’s operations permanently, but that it will also offer new opportunities. “The increased use of digital tools not only improves productivity but also increases employee satisfaction and the added value perceived by customers. Virtual plant and product audits reduce travel costs, the time spent on commuting, and accelerating decision-making and processes in general,” the CEO says. Scanfil’s investments continued according to the plan during the second quarter and were mainly related to the robotisation and automatisation of electronics manufacturing, as well as the surface treatment of mechanical products. The company has also updated its guidance, and expect turnover for 2020 to be EUR 580–620 million and operating profit to be EUR 38–42 million. “We can be pleased with the results we achieved during the first half of the year in exceptional circumstances,” the CEO concludes.