Higher turnover forecast for 2016 based on firm orders
The Picanol Group realized a consolidated turnover of 329.7 million euros in the first half of 2016, an increase of 27 per cent compared to 259.8 million euros in the first half of 2015.
The Weaving Machines division experienced a continued high global demand for Picanol weaving machines in the first half of 2016, during which time the group focused strongly on flexibility in order to handle production peaks. 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 Psi Control (controllers) to realize a positive turnover growth.
These activities resulted in the first half of 2016 in a net profit of 48.1 million euros compared to 30.3 million euros in the same period in 2015. In addition, Tessenderlo Chemie NV contributed 12.3 million euros to the net result in the first half of 2016 (compared to 11.7 million euros in the same period last year).
The Picanol Group closed the first half of 2016 with a net profit of 60.4 million euros, compared to 42 million euros in the first half of 2015.
Based on the current order book and the continued demand for its weaving machines, the Picanol Group has increased its turnover forecast for the full 2016 financial year. The group expects to achieve an increase in turnover in 2016 of approximately 10 per cent compared to 2013, which was the best year in the history of the group.
Weaving Machines division
The turnover of the Weaving Machines division amounted to 288.8 million euros, an increase of 30.4 per cent compared to 221.5 million euros in the same period last year. As expected and as previously announced, the Weaving Machines division experienced a strong first half in 2016 due to the increasing demand for quality and technology and backed by the favorable exchange rate of the euro.
The operating result of the Weaving Machines division amounted to 57.9 million euros versus 35.3 million euros last year. The Picanol Group is celebrating its 80th anniversary this year.