Business

Picanol Group Gains 11% Y-o-Y H1 Turnover With 2017 Order Books Running Full

Confirming earlier made forecasts, the Picanol Group succeeded in realizing a consolidated turnover of 364.7 million euros in the first half of 2017. The figures indicate an 11% increase compared to the same period in the previous year (the figure for the previous year stood at 329.7 million euros).

Coming to the break-up of the record, the weaving machines division again experienced a strong first half in 2017, having ended 2016 with a well-filled order book. Increasing demand for technology and quality brought strong sales, especially in Asia, with market share increases in many markets. As a result, Picanol placed a record number of weaving machines on the market in the first half of 2017.

The Industries division also had a strong first half-year thanks to the increased demand from weaving machines and projects at other customers, which allowed Proferro (foundry and mechanical finishing activities) and PsiControl (controllers) to realize strong revenue growth.

These activities resulted in the first half of 2017 registering a net profit of 52.2 million euros compared to 48.1 million euros in the same period in 2016. In addition, Tessenderlo Group nv contributed 5.8 million euros to the net result in the first half of 2017 (compared to 12.3 million euros in the same period last year). The Picanol Group closed the first half of 2017 with a net profit of 58.1 million euros, compared to 60.4 million euros in the first half of 2016.

The Picanol Group expects a slight increase in turnover over the full 2017 financial year compared to 2016 – the best year in the history of the group – but is taking into account a limited impact of rising commodity prices.