10.11.2011

Palfinger up 34%

Loader crane and aerial lift manufacturer Palfinger has reported a strong performance in the third quarter with revenues up 34 percent.

Revenues for the nine months to the end of September were €624 million, 34 percent up on the same period last year. Pre-tax profits in the same period more than doubled, from €19.4 million last year to €43.3 million this year.

The company's strongest growth came in Europe, with Germany, the UK, France and Scandiavia leading the way. European sales were up 38 percent to €466.5, while sales in the rest of the world increased 24 percent to €157.5 million - just over 25 percent of the total.

Europe still drives the company's profits, with European earnings up 87.2 percent while the rest of the world produced losses of €5.3 million - 7.5 percent better than at this time last year.

Chief executive Herbert Ortner said: “Internationalisation is proving more and more successful. Our young markets - such as the BRIC countries - are not yet able to compensate for declines in Europe, but they are already positively contributing to our stability and they promise further growth. We thus feel well-positioned and are planning to take further steps in these markets.”

During the third quarter, the company completed the acquisition of Russian crane manufacturer Inman and the service business of the British commercial tail lifts producer Ross & Bonnyman.

On the whole, the Group said its performance in Europe was "highly satisfactory". Although growing financial uncertainty in Europe affected order intake levels in the third quarter.