Orders and sales rebound for Tornos - outlook uncertain
1 min read
Swiss machine tool builder Tornos Group received orders worth £41.4 million in the third quarter, an increase of 17.7% year-on-year (2010: £35.4 million*), with sales up 61.6% to £41.2 million.
For the first nine months of 2011, the cumulative order intake was £152 million, up 47.2% on the same period last year (2010: £103 million). Over the same period, gross sales totalled £142 million, a 90.5% over the same period last year (2010: £74 million).
The biennial EMO exhibition, the most important machine-tool trade fair in our industry, held in September in Hanover, saw the company launch new products and "numerous orders placed", with the revolutionary MultiSwiss multi-spindle CNC lathe a particular highlight, says the company (see product launch here, including video) .
Looking ahead, the current economic climate is characterised by numerous uncertainties, says Tornos. Customer sentiment worldwide is mixed, and visibility surrounding the future business trend has deteriorated substantially.
Based on the double hypothesis of the economy not significantly deteriorating further and of exchange rates remaining at their current levels, the Group anticipates gross sales in the region of £182-190 million for the 2011 financial year as a whole.
*Original figures were in Swiss Francs so percentages may not match, due to exchange rate fluctuation over the year. Percentage figures relate to comparative Swiss Franc values. Pound exchange rates are of today's date.
