Profoto reports 2022 sale increase nearly 16 percent

Swedish lighting manufacturer Profoto reported improved profits and sales for the fourth quarter and full-year 2022. The company said Profoto’s fourth quarter was characterized by weak demand and cautious customers, although profitability was good. Sales totaled SEK 230 million, representing 6-percent growth compared to the corresponding quarter in the previous year. For the full year 2022, the corresponding figures were SEK 848 million, representing 16 percent growth. Organic sales growth totaled -12.5 percent for the quarter and -0.8 percent for the year.

“After a robust third quarter, however, the fourth quarter was weak,” said Anders Hedebark
President and CEO. “The uncertainty in the market, characterized by interest rate hikes, inflation, and higher electricity prices, has resulted in a wait-and-see attitude among our customers during the quarter.

The caution shown by self-employed photographers and consumers when it comes to spending in these times has been noticeable. We have seen greater caution, which has also prompted resellers to reduce their stocks. We also saw that some major investments were put on hold, affecting demand for our automated solutions which have higher price levels than our modular solutions.”

Sales for the full year 2022 totaled SEK 848 million, above the target of SEK 800m the company projected it would reach by the end of 2023 at the time of our IPO in July 2021. The company benefited from exchange rate gains and from the StyleShoots acquisition in the second quarter.