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News Release from: Tornos Technologies
Edited by the Manufacturingtalk Editorial
Team on 20 November 2007
Swiss CNC lathe builder is optimistic
Builder of CNC single- and multi-spindle automatic lathes has confirmed excellent results for 2007 Q3 - having acquired SFr 60.8 million in orders, compared with SFr 51 million in 2006 Q3.
Tornos booked SFr 60.8 million in new orders in the third quarter or 2007 , compared with SFr 51.0 million in same period, 2006 Tornos records total 2007 order intake of SFr 212.9 million, up 10.3% on 2006 (SFr 193.0 million)
This article was originally published on Manufacturingtalk on 11 Jun 2001 at 8.00am (UK)
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* Increased sales and profits more than doubled - third-quarter gross sales were SFr 62.9 million, compared with SFr 60.1 million in 2006, bringing the cumulative total SFr 210.9 million as at 30 September, 2007, up 20.5% on the previous year (SFr 175.0 million).
The group's net profit for the first nine months of the year stands at SFr 23.9 million, up 126.4% compared to the same period of last year (SFr 10.6 million).
This includes a tax revenue of SFr 2.4 million from the capitalization of tax loss carry forwards for the projected results for the next six months.
As at 30 September 2007, the net cash position was SFr 17.7 million, while equity of SFr 150.0 million amounted to 71.3% of the balance sheet total of SFr 210.4 million.
Investments in fixed assets of SFr 6.9 million included SFr 4.0 million for construction in progress of a new production facility.
* Forecast for 2007 - assuming the economy remains stable in relation to the last few months and taking into account the cyclical nature of its business, the Group is reiterating its forecast of SFr 270 to 280 million in sales for 2007 with an EBIT margin of about 10%.
In view of non-recurring income of more than SFr 6 million from tax revenues and sales of fixed assets in the fourth quarter, the group's net result should exceed SFr 30 million.
* Towards 2012 - The Tornos Group is aiming at a sales target of SFr 400 million by 2012, requiring an 'organic' growth of 8%.
The target from 2008 is set at a constant 10%/annum.
Tod achieve this, Tornos will continue with its strategy set out in 2003, based on progress with its 'Sigma' automatic lathes introduced in 2005.
The company is also developing its 'Delta' range, which may be used to compete in the lower-priced automatic lathes area.
Tornos reckons Delta will potentially contribute over SFr 30 million to its turnover.
Also Tornos plans to boost turnover through expanded sales and increasing its market share in the USA and Asia.
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