Picanol Group Posts Strongest Half Yearly Results In Its History During H1, 2016

Company Performance

Picanol Group Posts Strongest Half Yearly Results In Its History During H1, 2016

Increased Turnover Forecast For 2016 Based On A Well-Filled Order Book

The Picanol Group (Euronext: PIC) realized a consolidated turnover of 329.7 million euros in the first half of 2016, an increase of 27% compared to 259.8 million euros in the first half of 2015. The weaving machines division of the company experienced a continued high demand for state-of-the-art weaving machines in the first half of 2016 and 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 PsiControl (controllers) to realise 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 42.0 million euros in the first half of 2015.

Based on the current order book and the continued demand for Picanol 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% compared to 2013, which was the best year in the history of the group.