27.11.2006

Demag Cranes up 12%

Demag Cranes, the Demag overhead and Gottwald port crane manufacturer has issued preliminary results today for 2005/2006, that show revenues up by 11.9 percent to €986.9 million for the nine months to the end of September 2006.

Earnings (EBIT) showed a marked improvement, jumping by nearly 25 percent to €105.6 million. Both sets of figures are at the top end of forecasts.

The company has made significant headway in reducing debts - down €45 million to €133.3 million - which has reduced gearing from 111 to 70.6 percent.

The good performance has been the result of the successful launch of new products and above-average sales in countries such as Brazil, Russia, India, and China as well as Eastern
Europe.

Outlook, the company says, looks strong particularly in Industrial Cranes, Services and Port Technology.

"2006 was an extremely successful year for us. The strategic focus on sustained and profitable growth is impacting, the new products are being more than well received by the market, and the order books are full. I am quite optimistic for the
next few years," said Harald J. Joos, CEO of Demag Cranes.