Slower end to 2016
​Sioen’s FY16 results reflected strong double-digit growth in terms of sales and profits, driven both by a strong industry dynamics, enhanced profitability and growth from acquisitions. The results came out, however, below our and consensus forecasts due mainly to (1) lower-than-expected sales in 4Q16 (organic and external, ie. from Fontana and Dimension), (2) weaker-than-expected gross margins in 2H16, driven mainly by rising raw material prices, and (3) slightly higher-than-expected financial costs (linked to weak GBP) and tax charge.
Sioen Industries. Sioen Industries NV is a Belgium-based company with a portfolio of products and activities, such as spinning, weaving and coating, manufacturing of garments, production of chemicals and processing of technical textiles. The Company has three divisions: the Coating division, engaged in the production of a number of technical textiles, coated with various polymers and marketed in different markets; The Apparel division, engaged in the production of technical protective clothing active in a number of sectors, such as industry, leisure wear and specialized markets, as well as the Chemicals division engaged in the processing of basic raw materials into technical semi-finished products, such as pigment pastes, decorative inks, varnishes and inks for digital printing for a number of markets. It operates through Ursuit Group and Verseidag Ballistic Protection OY, UV Curable systems BVBA, James Dewhurst Group and Verseidag Ballistic Protection Oy.
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