Picanol posts strong 2016 results

The Picanol Group, which specialises in the development, production and sale of weaving machines, engineered casting solutions and custom-made controllers, has reported seventh consecutive year of strong results. In 2016, the Group earned a profit of €119 million. Based on a well-filled order book, the Group has predicted positive outlook for 2017.

The Group realised a consolidated turnover of €639.78 million over the full 2016 financial year, which represented an increase in turnover of 20.8 per cent compared to €529.34 million recorded in 2015. This means that Picanol outperformed its previous record year (a turnover of €559.98 million was recorded in 2013), and this all took place in the year that Picanol celebrated its 80th anniversary.

In 2016, the Weaving Machines’ division experienced a record year. The growing demand for quality and technology created strong sales and an increased market share in many markets. This resulted in Picanol putting a record number of weaving machines on the market in 2016, thereby especially focusing on dealing with production peaks. The Industries division also had a strong year and increased its contribution to the group result thanks to a higher turnover in various sectors.