Government spending cuts hurt TenCate
26/10/2012
During the three-month period, TenCate achieved revenues of EUR 276.8 million, 4.5% down on the figure for the corresponding figure last year. Earnings before tax were EUR 17.2 million, a fall of 38.6% compared to the third quarter of 2011.
For the first nine months of 2012, TenCate’s revenues were EUR 816.4 million. This represents a drop in revenues of almost 7.5% compared to the first nine months of last year. Over the same nine-month period, earnings before tax dipped by 41.2% to EUR 49.5 million.
Chief executive, Loek de Vries, said on announcing the results: “The markets in which TenCate operates worldwide were increasingly impacted by lower public-sector budgets and deferred spending. This is particularly the case in defence markets, although the importance of high-quality personal security and protection continues to be recognised. It is positive that more countries have begun to specify TenCate Defender M for fire-resistant protection of army units and special forces. This is expected to increase further.”
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