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News Release from: Tornos Technologies
Edited by the Manufacturingtalk Editorial
Team on 19 May 2006
CNC automatic lathe making orders rise
Tornos - Swiss maker of CNC automatic lathes and multi-spindle automatics - reports a higher order intake totally SFR 65.1 million, the best figure recorded in the past five years.
In the first quarter of 2006, the Tornos group reported new orders totalling SFR 65.1 million, the best figure recorded in the past five years Order intake thus grew by 11.3% compared with the first three months of 2005 (SFR 58.5 million), reflecting an upswing in the economy, which had been on a downtrend since the third quarter of 2005
This article was originally published on Manufacturingtalk on 11 Jun 2001 at 8.00am (UK)
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* Sales lower, profit relatively satisfactory - as expected, consolidated gross sales generated in the first quarter of 2006 were relatively low owing to the downturn experienced in the second half of 2005.
Sales came to SFR 52.4 million, down 13.5% compared with the same period of the previous year (SFR 60.6 million) and 2.5% lower than the last quarter of 2005 (SFR 53.8 million).
Despite this cyclical decline in sales, consolidated net profit for the quarter reached SFR 2.1 million.
In view of the circumstances mentioned above, the Group is relatively satisfied with profitability, which reflects the flexibility of its cost structures.
On 31 March 2006, net debt stood at SFR 10.6 million, and equity came to SFR 102.1 million or 58.8% of the company's total assets of SFR 173.8 million.
* Outlook - despite the upturn in new orders during the first quarter, market visibility remains poor as most business is very short term.
Given this relatively delicate situation, the Tornos Group is reiterating its guidance of sales growth in a band of 5-10% versus 2005 and an EBIT margin of about 6%.
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