Precise Biometrics annual report for 2016 shows 73% increase in sales
Precise Biometrics has issued its annual report for 2016, outlining a positive vision of the company’s future with a 73 percent sales growth compared to 2015.
The annual report for 2016 comes a couple month after Precise Biometrics issued its Q4 and year-end report for 2016, where CEO Håkan Persson said that “2016 was the company’s best year so far”.
Precise had a net sales of SEK 97.2 million (US$10.7 million) and reported its first annual profit of SEK 17.9 million (US$2 million) in 2016.
Throughout the year, the company signed 14 licencing agreements, acquired NexID, and saw the integration of its mobile fingerprint software, Biomatch Mobile, into 110 devices as well as a smart card.
“We have strengthened the company’s position as the leading supplier of fingerprint software and created good conditions for continued growth in a market that is expected to quadruple by the year 2020,” Persson said. “2016 was an eventful year in which we made major progress in the fingerprint technology market. We increased net sales by 73 percent to SEK 97.2 million and led the company into profitability. We have strengthened our position in a fast-growing market, developed our range of products and acquired many new customers who are important players in the ongoing development of the biometrics market.”
He added that the sales in the fingerprint technology business area grew by 96 percent, which played a strong factor in driving the company’s growth.
“Most analysts believe that the total market for fingerprint technology will quadruple and total at least 2.5 billion devices by the year 2020,” Persson said. “Of this total volume, at least 1.2 billion devices are expected to come from new product areas.”
The report also states that “in 2017 Precise Biometrics will be growing the organization so that it can handle the growth in sales that the company expects in the future.”
This approach was reflected in the Precise Biometrics board’s recent proposal for a shareholding incentive program for employees in an effort to draw and retain top talent.
Precise Biometrics detailed this proposal along with other items on the agenda for its annual general meeting, to be held on May 16 in Lund, Sweden.