Manz Automation AG said that first-quarter financial results saw revenue decline to €16.49 million, compared to €36.62 million in the same quarter of 2008. Lower sales were a result of the tight credit markets, hindering customers from making capital equipment buys and expanding manufacturing.
Due to the drop in sales and order intake, Manz Automation said that it did not expect annual sales in 2009 to exceed the previous year’s results. Manz order book stood at €93 million at the end of the first quarter.
“Fiscal year 2009 is characterized by research and development. We will use this time consistently to successfully drive our innovations to market readiness,” commented Dieter Manz, Manz Automation’s CEO. “We are very confident that this will allow us to further increase our technology leadership, and that we will return to our on-track growth once the economic crisis abates. Over the medium term, we believe that the solar market will return to its former strengths.”