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Picanol Group revenues slip 15% in Q1

19
Apr '12
In the first quarter of 2012, the Picanol Group realized a consolidated turnover of 107.03 million euros. This represents a decrease of 15% compared to 126.55 million euros in the strong first quarter of 2011, but is in line with 108.99 million euros in the fourth quarter of 2011.

As expected and as previously announced, the first quarter of 2012 for the Weaving Machines division was in line with the second half of 2011. The world market for new weaving machines currently shows signs of nervousness, which is forcing the Picanol Group to heavily focus on flexibility in order to handle production peaks.

In the first quarter of 2012, the Industries division experienced lower demand from the Weaving Machines division. However, it was able to realize further growth for external customers in comparison to the second half of 2011.

Outlook:
Based on the current market situation, the Picanol Group expects to post a decrease in turnover for the first half of 2012, in line with the turnover decrease in Q1. Nevertheless, the outlook for the second half of 2012 remains highly uncertain due to the very limited visibility in the markets in which the group operates.

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, the Picanol Group is continuing its strict cost control efforts.


Picanol Group


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