Picanol Group with 2018 half year results – less turnover higher net profit

Well filled order book for the second half year

Consolidated results H1 2018

In line with the previously announced forecast, the Picanol Group realised a consolidated turnover of EUR 357.4 million in the first half of 2018, which was lower (EUR 364.7 million) than 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 realised 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 also in a lower net profit of EUR 47.8 million compared to EUR 52.2 million in the same period in 2017. In addition, Tessenderlo Group nv contributed considerable more, namely EUR 19.4 million to the net result in the first half of 2018 (compared to EUR 5.8 million in the same period last year). The Picanol Group closed the first half of 2018 with a net profit of EUR 67.1 million, 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, Belgium.

 

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