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American market shows substantial recovery - TenCate
04 May '10
4 min read
No sales of TenCate Gen2 were generated in the first quarter. In the second half of the year new orders are expected for this product with the new camouflage print (multicam) specified by the US Army. TenCate Defender M will also be available with this camouflage print.
The armour markets in the US and Europe are showing a very promising outlook, although government funding remains an uncertain factor at present.
The outlook has improved in the aerospace market, given the large programmes (Boeing 787, Airbus A380, A350 XWB and A400 M) that are starting to become apparent. The recently agreed order position for Eurocopter also supports this positive trend, although these effects will increase in importance over time.
It is gratifying to note that the order intake in the European market for protective fabrics is developing positively. By contrast, further concentration of Dutch production is necessary. In the course of the year we shall embark on plans relating to the concentration of production. An appropriate provision has already been made for this in the first quarter.
The cautious recovery that is now discernible in a number of markets, including the US geosynthetics market, is a positive factor. The announced public sector expenditure is gradually becoming visible in a growing projects market.
The positive effects of the reorganizations that were implemented at business unit level are clearly evident, in particular in the Grass group.
No further reorganization costs within the group are planned for the rest of this year'.
Outlook
Virtually all markets are showing the first signs of recovery. It is, however, too early to make any statements in respect of the expected trend in sales and result for the year as a whole. One of the reasons for this is the continuing uncertainty relating to government financing and the timing of defence contracts.
The positive image seen in the first quarter is expected to gather momentum in the second quarter. A sharp increase in the operating result before amortization of intangible assets (EBITA) is expected in the second quarter of the year.
The armour markets in the US and Europe are showing a very promising outlook, although government funding remains an uncertain factor at present.
The outlook has improved in the aerospace market, given the large programmes (Boeing 787, Airbus A380, A350 XWB and A400 M) that are starting to become apparent. The recently agreed order position for Eurocopter also supports this positive trend, although these effects will increase in importance over time.
It is gratifying to note that the order intake in the European market for protective fabrics is developing positively. By contrast, further concentration of Dutch production is necessary. In the course of the year we shall embark on plans relating to the concentration of production. An appropriate provision has already been made for this in the first quarter.
The cautious recovery that is now discernible in a number of markets, including the US geosynthetics market, is a positive factor. The announced public sector expenditure is gradually becoming visible in a growing projects market.
The positive effects of the reorganizations that were implemented at business unit level are clearly evident, in particular in the Grass group.
No further reorganization costs within the group are planned for the rest of this year'.
Outlook
Virtually all markets are showing the first signs of recovery. It is, however, too early to make any statements in respect of the expected trend in sales and result for the year as a whole. One of the reasons for this is the continuing uncertainty relating to government financing and the timing of defence contracts.
The positive image seen in the first quarter is expected to gather momentum in the second quarter. A sharp increase in the operating result before amortization of intangible assets (EBITA) is expected in the second quarter of the year.
Royal Ten Cate
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