The Picanol Group realized a consolidated turnover of 219.9 million euros in the first half of 2014, which represented a decrease of 28 per cent compared with the exceptionally strong first half of 2013. However, as announced previously, it is in line with the turnover of the first half of 2012.
The Weaving Machines Division was hit by a significant slowdown in the global weaving machine market in the first half of 2014. The Industries Division experienced lower demand from weaving machines, but was able to realize further growth with external customers compared with the first half of 2013.
These activities resulted in the first half of the year in a net profit of 24.6 million euros compared to 42.4 million euros in the same period in 2013. In addition, Tessenderlo Chemie NV contributed 5.5 million euros to the net result. The Picanol Group closed the first half of 2014 with a net result of 30.1 million euros.
Based on the current market situation, the Picanol Group is expecting a turnover and profit decline for its activities in the second half of 2014 compared with the same period of the previous year, in line with the decline in the first half of the year.
The construction work on the new test area and training center for weaving machines in Ypres has been completed, and the official inauguration of the new buildings took place on September 11. In combination with further productivity and quality improvements, the group wants to improve its competitiveness in Ypres.
The group will continue to focus on product development and innovation in order to further expand its high-technology activities. In June last, it introduced its new GTMax-i rapier weaving machine at ITMA Asia + CITME 2014 in Shanghai. This year the group is celebrating its 50 years of presence in the Chinese market.