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Picanol reports income growth for first half of 2015

During the first half of 2015, the Picanol Group realized a consolidated turnover of EUR 259.8 million, an 18% increase in comparison to 2014.

27th August 2015

Innovation in Textiles
 |  Ypres

Medical/Hygiene, Industrial

During the first half of 2015, the Picanol Group realized a consolidated turnover of EUR 259.8 million, an 18% increase in comparison to EUR 219.9 million in the first half of 2014. Gross profit in the first half of 2015 amounted to EUR 57.7 million compared to EUR 48.9 million in the first six months of 2014. The operating result (EBIT) amounted to EUR 40.2 million compared to EUR 33.0 million last year.

The net financial result amounted to EUR +0.5 million versus EUR +1 million last year. Income taxes amounted to -10.4 million compared to -9.4 million last year, or an effective tax rate of 25.6% versus 27.7% last year.

Weaving machines

The turnover of the Weaving Machines division amounted to EUR 221.5 million, an increase of 22% compared to EUR 182.1 million in the same period last year.

As expected, the division experienced a strong start in 2015 due to the increasing demand for quality and technology and backed by the favorable exchange rate of the euro. The operating result of the Weaving Machines division amounted to EUR 35.3 million versus EUR 29.3 million last year.

Industries

The turnover of the Industries division amounted to EUR 73.1 million euros, an increase of 10% in comparison to EUR 66.3 million euros in the same period in 2014. The higher demand from Weaving Machines resulted in a turnover increase for Industries in the first half of 2015.

Moreover, the Industries division realized a slight increase in sales to other customers with a strong focus on engineered casting solutions (Proferro) and its controller capacities (PsiControl) to attract new projects. 

Outlook

The order book for the second half of 2015 is also strong, the company reports. Based on the current market situation, the Picanol Group expects the turnover for the second half of 2015 to be in line with the second half of 2013.

www.picanolgroup.com

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