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Revenues rise 13% at Picanol Group
29
Oct '13
The Picanol Group realized a consolidated turnover of 131.27 million euros in the third quarter of 2013, which represents an increase of 13% compared to 116.62 million euros over the same period in 2012. The Picanol Group confirms its earlier forecast to achieve a slight increase in turnover in the second half of 2013 compared to the stronger second half of 2012.

Based on the strong order book in the first half of 2013, the Weaving Machines division realized another strong quarter. The Industries division also experienced a slight increase in activities in the third quarter of 2013 compared to the same period last year. This was due to an increase in demand from Weaving Machines and projects for other customers.

Investment plan

Since improving competitiveness through further productivity and quality improvements and targeted investments is a top priority, the Board of Directors approved investments for Ypres for an amount of 17.5 million euros in 2013. The construction of a new test area and training center for weaving machines in Ypres is on schedule. According to the planning, construction in Ypres will be completed in the spring of 2014.

Stake in Tessenderlo Chemie NV

SNPE SA and Picanol Group (NYSE Euronext: PIC) have signed on 25 July 2013 a binding agreement for the sale by SNPE SA to the Picanol Group of a stake held by SNPE SA in Tessenderlo Chemie NV, representing 27.6% of the share capital of Tessenderlo Chemie NV. This transaction is subject to regulatory approval, more in particular competition clearance. The transaction is expected to close around 8 November 2013.

Outlook

Based on the current market situation, the Picanol Group confirms its earlier forecast to realize a slight turnover increase in the second half of 2013 compared to the stronger second half of 2012.

For the coming months, however, the Picanol Group is expecting increasing pressure on volumes and margins, which is partly due to the strong euro. For 2014, the group takes into account a slowdown of the worldwide weaving machine market.

The Picanol Group remains cautious, as it is active as an export-oriented company in a volatile world economy. In view of the cyclical nature of the textile market, strict cost control remains of the essence.

About the Picanol Group

The Picanol Group is an international, customer-oriented group specialized in the development, production and sale of weaving machines and other high-technology products, systems and services.

Picanol Group

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