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H1 results in line with expectations - Picanol Group
28
Aug '12
During the first half of 2012, the Picanol Group realized a consolidated turnover of 219.1 million euros, a decrease of 16% compared to 260.1 million euros in the very strong first half of 2011.

As expected and as announced previously, the Weaving Machines division experienced a hesitant start to 2012 as a result of the weaker order book at the end of 2011. However, in the second quarter the demand for weaving machines increased, supported amongst others by the success of new weaving machines and the weaker euro. The market for new weaving machines is characterized by nervousness, forcing the Picanol Group to focus heavily on flexibility in order to handle production peaks. 

Lower demand from the Weaving Machines division also resulted in a turnover decrease for Industries in the first half of 2012.
 
The group closed the first half of 2012 with a net result of 25.4 million euros compared to 34.6 million euros in the same period in 2011.
 
To successfully meet customer demand in a timely manner, the Picanol Group started a recruitment campaign in July with a view to recruiting 50 workers for the production site in Ypres. In addition, the group currently has some 15 vacancies for technical profiles such as R&D Engineers (Electronics), CNC operators, Field Technicians and various IT functions. 
 
Based on the current order book, the Picanol Group expects an increase in turnover for the second half of 2012 as compared to the same period in 2011. This would limit the decline in turnover over the full 2012 financial year compared to 2011.
 
The turnover of the Weaving Machines division amounted to 185.9 million euros, a decrease of 17% compared to the same period last year. As expected and as announced previously, the Weaving Machines division experienced a hesitant start to 2012 as a result of the weaker order book at the end of 2011. 
 
The global market for weaving machines is characterized by nervousness, which is forcing the Picanol Group to focus heavily on flexibility in order to handle production peaks. However, in the second quarter global demand for weaving machines increased. This was due, among other reasons, to the success of new weaving machines and the weaker euro. Sales of spare parts and weaving accessories decreased in line with the decrease in sales of weaving machines. The operating result of the Weaving Machines division amounted to +30.3 million euros versus +40.4 million euros last year.
 
The turnover of the Industries division amounted to 61.2 million euros, a decrease of 8% compared to the same period in 2011. Lower demand from the Weaving Machines Division also resulted in a decrease in turnover for Industries in the first half of 2012. 

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