Alongside its full-year results announced on 1 May, Japan-headquartered Seiko Epson reported a goodwill impairment loss of GBP 121.6-million related to Fiery.
Epson acquired Fiery at the end of 2024 in a deal valued at approximately GBP 450-million.
The company said the imposition of US tariffs in April 2025 led enterprises to adopt a more cautious approach to investment, resulting in weaker-than-expected demand for Fiery’s commercial and industrial printing businesses.
Epson stated that the cutsheet segment, which primarily serves commercial printing and accounts for the majority of Fiery’s revenues, performed below the assumptions made at the time of acquisition. According to the company, the slowdown in the overall market resulted in an approximately 10% year-on-year decline in revenue in FY 2025.
The company also noted that while progress had been made in expanding Fiery’s customer base in industrial printing, it was taking longer than anticipated for this to translate into earnings.
Epson said it continued to work on synergies and maintained that Fiery would remain a medium-term growth driver.
“Apart from factors affecting market volume, Fiery’s presence and earnings structure in existing businesses remain intact, and the growth trend driven by ongoing digitalisation in industrial printing continues,” the company stated.
Overall sales for the year increased by 3.7% to JPY 1,413-billion, while business profit declined by 6.5% to JPY 83.8-billion.
Within Epson’s Printing Solutions division, the commercial and industrial printing segment posted sales growth of 11.6% to JPY 334.4-billion. Business profit for the segment rose marginally to JPY 61.1-billion.