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Picanol Group posts its best result ever in 2016
02
Mar '17
The Picanol Group, which specialises in the development, production and sale of weaving machines, engineered casting solutions and custom-made controllers, has reported seventh consecutive year of strong results. In 2016, the Group earned a profit of €119 million. Based on a well-filled order book, the Group has predicted positive outlook for 2017.

The Group realised a consolidated turnover of €639.78 million over the full 2016 financial year, which represented an increase in turnover of 20.8 per cent compared to the €529.34 million recorded in 2015. This means that the Picanol Group outperformed its previous record year (a turnover of €559.98 million was recorded in 2013), and this all took place in the year that Picanol Group celebrated its 80th anniversary.

In 2016, the Weaving Machines division experienced a record breaking year. The growing demand for quality and technology created strong sales and an increased market share in many markets. This resulted in Picanol putting a record number of weaving machines on the market in 2016, thereby especially focusing on dealing with production peaks.

The Industries division also had a strong year and increased its contribution to the group result thanks to a higher turnover in various sectors. This allows the Picanol Group to achieve its strategic ambition to further diversify the activities of the group.

The Picanol Group activities resulted in 2016 in a net profit of €88.38 million compared to €60.6 million in 2015. In addition, Tessenderlo Chemie nv contributed €31.34 million to the net result in 2016 compared to €25.09 million in 2015. The group closed 2016 with a net result of €119.73 million, compared to €85.69 million in 2015.

The Group's order book is well-filled for the first six months of 2017 and it expects a slight increase in turnover for the first half of 2017 compared to the first half of 2016, but is taking into account a limited impact of rising commodity prices. (RKS)

Fibre2Fashion News Desk – India


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