HOMAG Group sees signs of recovery in Q3 2020

In the third quarter of 2020, the HOMAG Group recorded a significant improvement in order intake (+41%) and an economic recovery compared to the second quarter of 2020. Nevertheless, the nine-month figures are also affected by the COVID-19 pandemic.

“Like the entire machinery industry, we are still noticing the effects of the Corona pandemic,” explained chief executive officer 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% to EUR 833 million (prior year: EUR 957 million) and order intake by 16% to EUR 763 million (prior year: EUR 907 million). The order backlog as of 30 September 2020 was EUR 461 million (31 December 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 30 September 2020, the Group employed 6,482 people (30 September 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 we are still below pre-crisis levels.”