LIQUI MOLY has announced it remains on course for growth as the year 2019 was closed with a record turnover.
The German oil and additive specialist revealed a turnover of 569 million euros, an increase of 4% over the previous year.
Managing Director, Ernst Prost, explained: “This shows that we can be successful even under adverse conditions.”
This refers to the new software that was introduced by LIQUI MOLY, which was designed to control purchasing, production and sales. However, the changeover was said to have not run as smoothly as expected and resulted in massive delivery difficulties.
Ernst continued: “Our customers were appalled, and rightly so. They had never experienced anything like it with us before.”
The software changeover reportedly cramped the figures for the first months. But, step-by-step, the company was said to have solved the software problems and started the race to catch up.
As a result, LIQUI MOLY reportedly set one new monthly sales record after another. At the end of the year, instead of a minus, the books showed turnover growth of 4% to 569 million euros – a new sales record, resulting in LIQUI MOLY doubling its turnover over the last 10 years.
However, the arduous start to the past year has reportedly left a clear mark on the revenue. A lack of turnover and the additional costs to fix the software problems pushed it below the 2018 level, but the return on sales is still said to be in double digits.
Ernst concluded: “LIQUI MOLY is financially healthy, is free of debt and has an equity ratio of over 80%.”