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News Release from: Tornos Technologies
Edited by the Manufacturingtalk Editorial
Team on 17 August 2006
CNC automatic lathe business improves
Economic activity firmed up considerably during the second quarter of 2006 reported Tornos, and new products launched in 2005 translated into a significant volume of real business.
Economic activity firmed up considerably during the second quarter of 2006, said Tornos of Moutier, Switzerland, and the success of the new products launched in 2005 translated into a significant volume of real business New orders booked in the second quarter of 2006 reached a new record of SFR 76.9 million - up 18.2% from the first quarter
This article was originally published on Manufacturingtalk on 11 Jun 2001 at 8.00am (UK)
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The order intake in the first half stood at SFR 142.0 million, or 19.2% higher than in the same period last year.
Sales and results on the right track - the natural time lag between order booking and invoicing, not to mention the low level of orders booked during the second half of 2005, means that sales figures still do not reflect this increased activity.
Although gross sales in the second quarter advanced by 19.2% compared with the previous three months and by 13.9% compared with the year-back period, the improvement is not visible in figures for the first half overall.
After the first six months of 2006, gross sales stood at SFR 114.9 million, which is 0.5% lower year-on-year.
As at 30th June 2006, net profit for Tornos stood at SFR 6.4 million, SFR 4.3 million of which was attributable to the second quarter alone as business had already been boosted by the revival described above.
Although the result for the first half of 2006 is 26.2% lower than for H1 2005 (SFR 8.6 million), the group is relatively satisfied with profitability levels.
Given the additional costs that are inherent in new product launches, as well as the economic climate described above, these results bear witness to the flexibility of the Group's cost structures and its great ability to respond to changes in trends.
Equity of SFR 106.2 million accounts for 60.0% of the balance sheet total of SFR 177.1 million.
As at 30th June 2006, the Tornos Group had net debt of SFR 13.1 million - SFR 2.4 million higher than at 31st December 2005.
This increase is the result of accrued cashflow requirements associated with the strong growth in activity.
* Outlook for 2006 - at the time of writing, fiscal 2006 has so far developed in line with Tornos' expectations and the Group budget.
We are standing by the guidance issued previously.
The Group is forecasting an EBIT margin of 6 to 7% on sales in the range SFR 235 to 250 million for 2006.
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