The Machines & Technologies business segment of the company experienced a sharp decline in revenue (-26 per cent) as a result of the global slowdown in the machine market, which was driven by the uncertain macroeconomic climate. Revenue of the Agro segment increased by 6 percent, while Bio-valorisation revenue increased due to higher PB Leiner volumes. The revenue of Industrial Solutions increased, mainly due to the contribution of DYKA group. T-Power, fully acquired in Q4 2018, contributed €34.8 million to the group's revenue, which was in line with expectations, said Picanol in a press release.
For the second half of 2019, Picanol Group anticipates a further negative impact of the current uncertain macroeconomic climate, whereby the slowdown in the global machine market will not be compensated by the other segments of Tessenderlo Group. For the full financial year 2019, Picanol group expects adjusted EBITDA to be lower than that of 2018. (PC)
ALCHEMPro News Desk – India
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