Stork Prints, which has a healthy order book position, particularly from Asia, has released the third quarter results for 2005.
Says Storks CEO Sjoerd Vollebregt: "We are reasonably satisfied with the third-quarter results and are maintaining our forecast that the net result will rise by atleast 15% compared to 2004. Our plans include moving our manufacturing base for textile printing machines to Asia, by far the most important region for the textiles industry.
Orders received and the order books have further improved compared to a year ago (24% and 5% respectively). The growth in net turnover can mainly be attributed to increases at Stork Aerospace (30%) and Stork Food Systems (14%). This latter group profited from an excellent capacity utilisation.
Stork Prints has decided in principle to concentrate machine production mainly in Asia so as to be closer to the market and reduce production costs. These plans are expected to be finalised in the fourth quarter and will result in estimated restructuring costs of 3 to 4 million, to be accounted for in the fourth quarter.
Technical Services performed well in view of the market: turnover rose by 12%, but EBIT fell 25% compared to Q3 2004. As opposed to the third quarter of 2004, this year did not see projects on which performance bonuses could be earned.