HOMAG Group witnesses signs of recovery in the third quarter
Published on : Monday, November 9, 2020
In the third quarter of 2020, HOMAG Group recorded a significant improvement in order intake (+41%) and an economic recovery compared to the second quarter of 2020. The HOMAG Group is one of the world’s leading providers of integrated solutions for production in the woodworking industry and woodworking shops. For the past nine-month figures were affected by the corona pandemic, and now it sees some recovery amidst depressing situation.
“Like the entire machinery industry, we are still noticing the effects of the Corona pandemic,” explains CEO Pekka Paasivaara. “However, incoming orders recovered significantly in the third quarter. The further course of the pandemic will determine whether this positive development will continue.
In the first nine months of 2020, HOMAG Group’s sales revenues fell by 13 percent to EUR 833 million (prior year: EUR 957 million) and order intake by 16 percent to EUR 763 million (prior year: EUR 907 million). The order backlog as of September 30, 2020 was EUR 461 million (December 31, 2019: EUR 546 million). In the first three quarters of 2020, the HOMAG Group generated operating EBIT of EUR 20.8 million (prior year: EUR 58.5 million). As of September 30, 2020, the Group employed 6,482 people (September 30, 2019: 6,615).
According to Paasivaara, business developed differently in the global market regions: “We see a recovery especially in China and in Northern and Eastern Europe. The trend is also positive in other regions, although there we are still below pre-crisis levels”.
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