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'We will continue to exploit growth opportunities' – TenCate CEO
26 Aug '09
4 min read
The workforce comprised approximately 4,200 employees at the end of June 2009. The number of employees worldwide has been reduced by -14% in the last 12 months, including agency personnel. In view of the particular circumstances, consideration is being given to integrating production in the Netherlands with a view to achieving substantial cost reductions and an outlook driven by innovation.
The market outlook remains unchanged for the rest of the year. The upturn in demand seen at the end of March was due to the (temporary) rebuilding of production inventories and hence proved not to be structural. Control of working capital is a continuous process in production chains at present, as a result of which there is a continued lagging trend in sales.
TenCate expects for the remainder of the year that the revenues will at least be on the same level as in the fist half of the year.
The cost-reduction measures will have a positive effect over time. The strong financial position and the strongly increased cash flow provide a good basis for further growth. TenCate has promising, innovative projects which will give a positive impetus to future developments.
The Advanced Textiles & Composites sector showed an overall organic decrease of 24% in sales in the first half of the year. The decrease occurred mainly in the TenCate Advanced Composites and TenCate Advanced Armour market groups. Most of the decrease related to inventory reductions in the aviation sector, delays in the introduction of new aircraft and the absence of major projects in the US armour market.
The Protective Fabrics market group showed an overall rise in sales in the first half of the year. Sales of flame-retardant fabrics for US Army uniforms grew considerably. On the other hand, there was a substantial decrease in sales in the European market for workwear for industrial end-users.
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The market outlook remains unchanged for the rest of the year. The upturn in demand seen at the end of March was due to the (temporary) rebuilding of production inventories and hence proved not to be structural. Control of working capital is a continuous process in production chains at present, as a result of which there is a continued lagging trend in sales.
TenCate expects for the remainder of the year that the revenues will at least be on the same level as in the fist half of the year.
The cost-reduction measures will have a positive effect over time. The strong financial position and the strongly increased cash flow provide a good basis for further growth. TenCate has promising, innovative projects which will give a positive impetus to future developments.
The Advanced Textiles & Composites sector showed an overall organic decrease of 24% in sales in the first half of the year. The decrease occurred mainly in the TenCate Advanced Composites and TenCate Advanced Armour market groups. Most of the decrease related to inventory reductions in the aviation sector, delays in the introduction of new aircraft and the absence of major projects in the US armour market.
The Protective Fabrics market group showed an overall rise in sales in the first half of the year. Sales of flame-retardant fabrics for US Army uniforms grew considerably. On the other hand, there was a substantial decrease in sales in the European market for workwear for industrial end-users.
Click here to read more details:
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