24.01.2011

Palfinger up 29%

Palfinger has issued preliminary results indication for 2010, which show a 29 percent improvement in revenues and a strong recovery in profitability.

Estimated revenues will be €650 million 29 percent up on 2009, while profit before interest and tax is expected to be around €35 million compared to a loss last year of €5 million.

Acquisitions contributed around seven percent of the revenue generated, meaning that organic growth contributed around 20 percent of the growth. While cost savings helped boost margins.

In the first weeks of 2011, Palfinger says that it has seen a continued recovery in its markets and is therefore anticipating a further 20 percent growth in revenues for 2011.

Chief executive Herbert Ortner said: “The results show that we did not just ride out the international economic crisis, but actually used it to our advantage to generate further growth and strengthen the group. In absolute numbers, we are still a long way from earlier record results, but with a plus in revenue of approximately 30 percent and excellent growth in earnings, we are still highly satisfied with what we have achieved”.

Acquisitions included ETI the North American access manufacturer with two acquisitions in the marine and offshore wind power business which have formed a new business unit Marine Systems.