Friday 8 November 2019, 08:00
Appreciable increase in revenue with lower net profit
Hydratec’s consolidated revenue over the first three quarters of 2019 rose by more than 10% in comparison to the same period last year. More than 60% of this increase was autonomous. Due to the combination of a lower gross margin and higher fixed operating costs, profit was lower in comparison to the first three quarters of 2018.
Revenue at Agri & Food Systems was appreciably higher and was entirely autonomous. Despite the increased revenue at equal margin, the net profit remained unchanged. The order intake at Agri & Food Systems decreased in the third quarter.
The revenue of Plastic Components appreciably increased in comparison to last year as well. Approximately one third of this growth was autonomous. Due to the unfavourable distribution of revenue, the gross margin was lower and fixed costs were higher. As a result, profit was lower in comparison to 2018.
Bart Aangenendt (CEO) on the past year:
“It would appear that there is reticence within the industry that goes beyond the automotive industry. This is expected to be of a temporary nature, but it means that we are as yet unable to make any specific statements about 2019 as a whole.”