Monday 9 November 2020, 09:00

Trading Update Q3 2018

Significantly increased revenue and profit

Hydratec’s consolidated revenue significantly increased in the first three quarters in comparison to the same period in 2017. As a result, the operating profit significantly increased as well.

Revenue at Agri & Food Systems was substantially higher. Despite lower margins, profit nevertheless rose substantially. More than half of the growth was autonomous, although the acquisition of NatureForm (USA) also contributed to growth. The order intake was higher than last year and as a result, the order book is well-filled.

The revenue of Plastic Components increased slightly in comparison to last year, causing an appreciable increase in operating profit. The acquired company Polmer (PL) contributed to revenue as of the month of September. Results in the Netherlands were better than expected; however, due to ‘dieselgate’ and the electrification of the automotive industry, revenue in Belgium was lower, and high wage costs had a relatively severe impact on the international competitive position. Measures to adjust the organisation in Belgium accordingly are under preparation.

Bart Aangenendt, CEO of Hydratec: “The Agri & Food market in particular is experiencing strong development. The automotive industry unfortunately is going through a difficult period as a result of which orders are restrained. As mentioned previously, operationally Hydratec is expected to close this year on a positive note.”