10.08.2006

Palfinger hits new record

Palfinger, the leading loader crane producer, has announced record first half revenues of €289 million, up almost 14 percent on the same period last year.

Of this the acquisition of Ratcliff contributed just over €13 million. Like for like, organic growth was therefore just over nine percent.

Earnings before Interest and Tax rose at a more modest rate of five percent, although they given that the 2005 earnings were double those of 2004, the company feels satisfied with having continued the improvement. This in spite of a one percent fall in percentage terms, from 14.6 percent of revenues to 13.5 percent.

Net profits were up by 3.4 percent to €28.5 million

Once again it is the European crane business that has been the driving force behind the improving results, although Palfinger says that crane sales were limited by high utilisation if its production capacity and bottlenecks in materials supply.

The Hydraulic Systems and services division, essentially everything except cranes, increased its revenues by over 21 percent to €87 million, but saw its losses grow to €3 million.

“Despite bottlenecks in materials supply we have managed to achieve the most successful interim result in the corporate history of Palfinger. We have further improved process efficiency and effectiveness to handle increasing demand in Europe and in North and South America," says Wolfgang Anzengruber, Palfinger’s CEO.

The company says that it expects a record full year result and that the second half focus will be to improve availability of materials and to increase production capacity.