Belgium based weaving technologies manufacturer Picanol Group reported an 18 per cent year over year hike in sales for the six months to June 30, 2015.
Picanol realised a consolidated turnover of €259.8 million in the first half of 2015, as compared to €219.9 million during the first half of 2014, up 18 per cent.
However, the sales for the reporting period were less than the €304.1 million, the Belgium based company posted in the first half of 2013.
In the first half of 2015, the weaving machines division experienced a high global demand, which meant that the group had to focus strongly on flexibility in order to handle production peaks.
“The industries division benefited in the first half of 2015 from the higher demand from weaving machines and also realised a slight sales growth with other customers,” a Picanol press release informed.
For the period under review net profit climbed to €30.3 million as against €24.6 million in the same period of the prior year.
In addition, Tessenderlo Chemie NV contributed €11.7 million to the net result in the first half of 2015 vis-à-vis €4.8 million in the first half of 2014.
The Picanol Group closed the first half of 2015 with a net result of €42.0 million compared to €29.4 million in the comparable period of previous year.
In order to handle all customer inquiries in a timely manner, the Picanol Group started a campaign in June to recruit 75 temporary workers for the production site in Ypres.
The order book for the second half of 2015 is also strong and based on the current market situation; Picanol expects the turnover for its activities for the second half of 2015 to be in line with the same period of 2013.
The Picanol Group said it continues to focus on product development and innovation to further expand its high-tech activities.
In November 2015, Picanol will participate in the 17th edition of ITMA in Milan, where it will once again demonstrate its leadership in airjet and rapier weaving machines.
