CEWE to report earnings increase for 2020 fiscal year

Oldenburg, Germany-based photo product maker CEWE Stiftung & Co. KGaA anticipates a significant earnings increase when 2020 financial results are reported. Uncertified initial figures CEWE concluding the year with a group turnover increase in the range of around 727 million euros (2019 FY: 720.4 million euros) and EBIT improved more than proportionately to a level of around 79 million euros (2019 FY: 56.8 million euros). CEWE will publish preliminary unaudited figures for the 2020 financial year in February and audited annual financial statements will all be presented March 25, 2021.

The increase in earnings resulted from another even brisker Christmas season in photofinishing, the company said. The photofinishing product categories all contributed to growth, thus more than compensating for the negative impact of the coronavirus pandemic on the business segments of commercial online printing and retailing.