Pinacol Group Posts 8% Higher Turnover For 2017

Company Performance

Pinacol Group Posts 8% Higher Turnover For 2017

In line with the previously announced forecast, the Picanol Group (Euronext: PIC) realized a consolidated turnover of 688.93 million euros over the full 2017 financial year, a turnover increase of 8% compared to the 639.78 million euros recorded in 2016 (the best year in the history of the Picanol Group).

In 2017, the Weaving Machines division again experienced a record breaking year. The rising demand for quality and technology resulted in strong sales – mainly in Asia – and this led to further market share growth in many countries and weaving market segments. This resulted in Picanol putting a record number of weaving machines on the market in 2017. The sales of spare parts and accessories followed the positive trend of the weaving machines.

The Industries division (Proferro, PsiControl and Melotte) also showed strong sales growth in various market segments while making an increasing contribution to the group’s turnover. On the other hand, rising material prices and a higher share of subcontracting versus own production had an adverse effect on the result. Within Industries, Proferro continues to modernize its machine park in order to increase profitability and production capacity.

The activities of the Picanol Group resulted in 2017 in a net profit of 91.64 million euros compared to 88.38 million euros in 2016. In addition, Tessenderlo Group nv made a positive contribution to the net profit of 10.07 million euros in 2017 (compared to 31.34 million euros in 2016). The group closed 2017 with a net profit of 101.71 million euros, compared to 119.72 million euros in 2016.

The Board of Directors will propose the payment of a gross dividend of 0.2 euros at the annual general meeting on April 18, 2018, for a total amount of 3.54 million euros.

For the first six months of 2018, the order book is well-filled. For the first half of 2018 the Picanol Group expects to realize a turnover in line with that of the first half of 2017, but is taking into account a further negative impact of rising commodity prices.

The Picanol Group currently has some 100 vacancies that are aimed at further strengthening its technological leadership position. The vacancies include roles for CNC operators, field technicians and quality engineers. In addition, the group also has several vacancies for R&D engineers and various positions in IT and Sales & Services.