Picanol’s H1 Results in Line With Expectations

In line with the previously announced forecast, the Picanol Group achieved a consolidated turnover of 357.4 million euro during the first half of 2018, which was in line with the turnover of 364.7 million euro in the first half of 2017.

The Weaving Machines Division had a very strong half year based on the well-filled order book at the end of 2017, although it experienced a slight decrease in turnover compared to the exceptionally strong first half of 2017. The Division achieved external sales of 300.66 million euro in the first half, down 4.7% from the year before, with operating profits of 53,501 million euro (down 14.2%).

Despite lower demand from the Weaving Machines Division, the Industries Division again realized a strong first half year thanks to higher demand and projects from other customers. The Division thus continues to contribute to the growing diversification of the group by fully focusing on castings and mechanical finishing (Proferro), controller capacities (PsiControl) and precision parts (Melotte).

These activities resulted in the first half of 2018 in net profits of 47.8 million euro, as compared with 52.2 million euro in the same period of 2017. In addition, Tessenderlo Group nv contributed 19.4 million euro to the net results in the first half of 2018 (compared to 5.8 million euros in the same period last year). The Picanol Group closed the first half with net profits of 67.1 million euro, as compared with 58.1 million euro in the first half of 2017.

The order book for the second half of 2018 is well filled. The Picanol Group expects a slight decrease in turnover over the full 2018 financial year compared to 2017 – the best result in the history of the group – and is taking into account a further impact of rising commodity prices.

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