Glory Results Impaired by Post COVID Supply and Cost Issues

Glory – the Japanese developer of cash handling, management and automation systems for the financial, retail, vending, transportation and gaming sectors – saw sales recover in 2022-23. But profits fell due to supply chain disruption caused by high material prices, the invasion of Ukraine and increased risk of an economic downturn from global monetary tightening. In Japan there were ongoing price increases, procurement difficulties for materials, rising consumer prices and depreciation of the yen.

The company posted net sales of JPN 255.85 billion, a 12.9% increase over the previous year. Operating income however, fell from JPN 10.2 billion to JPN 522 million, a 94.9 % decrease. Ordinary income fell for a second year running, from JPN 10.4 billion to a loss of JPN 2.7 billion and net income attributable to the owners of the parent company fell from a profit of JPN 6.4 billion to a loss of JPN 9.5 billion.