Net sales after 9 months significantly higher – fewer new orders in 3rd quarter – start to 4th quarter indicates trend reversal in terms of order intake
After the strong surge in growth during the first term, net sales remained at a pleasing level in the third quarter as well at CHF 175 million. However, as predicted, the volume of business was not able to follow on seamlessly from the boom experienced during the first term. Order intake in particular (CHF 153 million) suffered during the summer months from the intensified drop in the solar market and the phase-out of large-scale projects in the North American communication market. Besides rather slack demand in the broad-based industrial core business due to the economic climate, state budget cuts led to lower volumes in the space and defence sub-market. The order situation in the rail market developed robustly overall and benefited from a revival of demand in China. In cumulative terms, net sales have seen double-digit growth compared with the previous year (+13%), whereas order intake reflects the slackening of demand (-13%).