The Picanol Group, which specialises in the development, production and sale of weaving machines, engineered casting solutions and custom-made controllers, has reported 11 per cent increase in turnover in the first half of fiscal 2017. The company recorded consolidated turnover of €364.7 million in comparison to €329.7 million in the first half of 2016.
Gross profit in the first half of 2017 amounted to €90.3 million compared to €85.8 million in the first six months of 2016 with a gross margin percentage of 25 per cent. The operating result (EBIT) amounted to €71.2 million compared to €66.9 million last year.
The company’s Weaving Machines division has experienced a strong first half in 2017, having ended 2016 with a well-filled order book. Increasing demand for technology and quality brought strong sales, especially in Asia, with market share increases in many markets. As a result, Picanol placed a record number of weaving machines on the market in H1 2017.
The Picanol Group closed the first half of 2017 with a net profit of €58.1 million, compared to €60.4 million in the first half of 2016.
The order book for the second half of 2017 is well-filled. The Picanol Group expects a slight increase in turnover over the full 2017 financial year compared to 2016 – the best result in the history of the group – but while considering a limited impact of rising commodity prices.