Demand for new Picanol weaving at high level in Q3

23 Oct '10

2 min read

During the third quarter of 2010, the Picanol Group recorded a consolidated turnover of 96.51 million euros. This represented an increase of 63% compared to the consolidated turnover of 59.34 million euros realized in the third quarter of 2009.

Following on from the first half of this year, demand for new Picanol weaving machines also continued at a high level in the third quarter of 2010. Amongst other things, this is a consequence of continued strong demand in Asia (mainly China) and the effect of the favorable euro exchange rate. Furthermore, sales of spare parts and weaving accessories also profited from the positive market situation in the third quarter.

The Industries Division also experienced an increase of activities in the third quarter. Through making full use of the advantages delivered by its new molding line (Proferro) and by focusing on the continued development of its controller competences (PsiControl Mechatronics), the group was able to complete several new projects across various different sectors.

During the third quarter of 2010, the Picanol Group recruited 150 additional temporary workers for its production unit in Ypres – taking the total of temporary workers being hired in Ypres to 200 since the start of 2010. The Picanol Group remains on the lookout for skilled technicians and CNC operators. The third quarter also saw the registered office of the group moved to the Karel Steverlyncklaan 15 in Ypres.

Outlook
As announced previously, the Picanol Group remains on course to realize for the complete 2010 financial year a turnover in line with the previous quarters. The group is also taking into account increasing material costs. However, the continually increasing cotton prices and the volatile exchange rates have led to more uncertainty in the market, mainly in China. Subject to this, decisions regarding investments in new weaving machinery may be delayed.

Financial calendar
Announcement of annual results 2010 9 March 2011 (before opening of the stock exchange)
Annual General Meeting 20 April 2011
The Picanol Group will celebrate its 75th anniversary in 2011.

Picanol Group

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