Picanol Group reports higher profits in Q1

Company Performance

Picanol Group reports higher profits in Q1

The Picanol Group realized a consolidated turnover of euro 304.1 mln during the first half of 2013 compared to euro 219.1 mln in the first half of 2012.

The weaving machines division had a strong start in 2013, based on the well-filled order book at the end of 2012. The first half of 2013 was characterized by a high global demand for Picanol weaving machines, forcing the group to focus heavily on flexibility in order to handle production peaks.

The Industries division also realized a strong first half due to the demand from weaving machines and projects for other customers. The group closed the first half of 2013 with a net result of euro 42.4 mln, compared to euro 25.4 mln in the same period in 2012.

Based on the current order book, the Picanol Group expects to realize in the second half of 2013 a slight turnover increase in comparison to the stronger second half of 2012.

Investment Program in Ypres on Schedule

The planned investments in Ypres for an amount of euro 12 mln are on track. In addition to this, the Board of Directors has approved a further investment of euro 5.5 mln in new CNC machines. The preparatory work for the new production facilities in Ypres has been started and the expansion of the HWS molding line for Industries was realized. In combination with further productivity and quality improvements, the Picanol Group wants to increase its competitiveness with these targeted investments in Ypres.