ISTOBAL is optimistic about 2021 and plans to grow by more than 10%, driven by internationalisation, innovation and digital transformation. Over the course of this year, the Spanish company is continuing with its strategic growth plan and is confident that it will increase its sales after a 12% drop in turnover in 2020 due to the COVID-19 pandemic.
By 2021, ISTOBAL expects to reach 145.7 million turnover, 13.5 per cent higher than the previous year, thus returning to its pre-pandemic turnover figures and to the growth path that has characterised the company in its financial years. It also maintains its strategic projects and expansion plans. In addition to the recent acquisition of its distributor in California (Pacific Pride Carwash) and the opening of a new subsidiary in China with assembly plant, ISTOBAL isn't ruling out other operations in order to further drive its internationalisation and strengthen its leadership in foreign markets. The group currently has ten subsidiaries in Europe, Brazil, USA. and China, as well as four manufacturing and final assembly plants.
Fresh impetus for innovation
ISTOBAL will increase its investment in RD&I by 11% this year compared to 2020 to boost its robotics lab and build on chemical product applications and new materials. It will also continue to develop its open innovation model, driving innovation from within and collaborating with universities, companies, technology centres and start-ups to develop projects in the areas of vision and artificial intelligence, security systems and robotics. Over the past five years, ISTOBAL has increased its investment in RD&I by 56%.
In addition, the group is committed to digital transformation as another strategic focus in the development of its business. In this regard, it promotes Big Data, IoT and Machine Learning to implement Industry 4.0 solutions, as well as to optimise sector profitability and the experience of using and maintaining car wash equipment through its Smartwash by ISTOBAL connectivity system. The company continues to leverage cloud business solutions and data analysis and integration to improve efficiency and increase competitiveness.
In its strategic growth plan, ISTOBAL aims to foster the development of new comprehensive value-added services adapted to market demands and the new mobility scenario, and will continue to drive its growth with new business opportunities.
It will seek to open up new markets and boost its internationalisation in countries where it is already present to continue to grow market share, especially in countries with higher growth potential such as China (where it expects to increase its turnover by 50% this year), the US, Italy, Germany and Poland, among others.
ISTOBAL generates turnover in excess of 128 million euros in 2020
ISTOBAL achieved turnover of 128.3 million in the 2020 financial year, which represents a decrease in sales of 12% compared to the previous year. The impact that the pandemic had on sales was less than expected for the multinational group thanks to its great diversification in markets, products and sectors.
In 2020, ISTOBAL internationalised 76% of its production with France, the UK, Italy, the USA and Denmark being its main export markets. The UK was the second foreign market, while Norway entered the top 10 as an eighth external market, thanks to the cooperation with the country’s largest food retail group NorgesGruppen, established through ISTOBAL’s distributor in Norway, Holta & Håland.
ISTOBAL believed that the performance of its foreign subsidiaries as a whole was positive given the pandemic, with turnover drops of 6% on average, but below the Group average. As an exception, they highlight the positive results of subsidiaries in the UK and Portugal, which saw an increase in turnover of 16.5% and 4.2%, respectively, thanks to agreements with large supermarket chains, as well as other oil and energy customers operating in these countries.
By product divisions, rollovers continued to lead ISTOBAL’s sales, followed by jet wash facilities and the commercial vehicle range. However, chemical products, along with payment and connectivity terminals, were the lines with the highest sales growth in 2020.