The Picanol Group of Ypres, Belgium, announces for its fiscal year 2003 a consolidated turnover 6.9% down from the record year 2002 at EUD483.7m. The consolidated operating result (EBIT) was 33.3% down at EUD23.2m. These results have felt the impact of a strong Euro and of pricing pressure on Asian markets, it is stated. Picanol will continue to emphasize exploration of the potential of new emerging markets and of new niche segments. The delivery of 155 weaving machines to the textile industry in Eastern Europe "confirms the efficiency of the emerging markets strategy". As an example of the success of its niche segment strategy, the group recently received an order for 512 GTXplus rapier weaving machines from Weiqiao Textile Co. Ltd of China, for delivery this year, the biggest order ever placed for rapier weaving machines.
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