Picanol Group Upbeat On 2018 Financial Results For First Half

Company Performance

Picanol Group Upbeat On 2018 Financial Results For First Half

In line with the previously announced forecast, the Picanol Group realized a consolidated turnover of 357.4 million euros in the first half of 2018, which was in line with the turnover of 364.7 million euros 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. Despite the 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 Industries 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 a net profit of 47.8 million euros compared to 52.2 million euros in the same period in 2017. In addition, Tessenderlo Group nv contributed 19.4 million euros to the net result 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 of 2018 with a net profit of 67.1 million euros, compared to 58.1 million euros 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.

The Picanol Group has currently some 70 vacancies at its headquarters in Ypres.