2023 record year for Palfinger

Palfinger AG has announced its annual financial statements for 2023. The company says that in a year marked by high volatility, rising interest rates and significant inflation, it still achieved a record year.

Its operating result increased significantly, by 39.8 percent, from EUR 150.4 million in 2022 to EUR 210.2 million. Furthermore, the best EBIT margin of 8.6 percent since 2008 was achieved. The consolidated net result rose substantially by 50.8 percent, from EUR 71.4 million in 2022 to EUR 107.7 million. This, it says, was largely due to the very good product mix, good capacity utilisation at plants, the full effectiveness of the implemented price increases and stabilization of the supply chain.

As a result, the company has proposed a share dividend of EUR 1.05 to the Annual General Meeting. This is the first time that a dividend of over one euro has been proposed.

Looking forward Palfinger says the economic environment is currently very challenging, especially in Europe. Its order backlog gives visibility until the end of Q2/2024 and, for the first half of the year, the company expects a stable revenue compared to the previous year and good profitability. There is very limited visibility for the second half of 2024. The ambitious financial targets for 2027 remain unchanged: Palfinger says it strives for a revenue of EUR 3.0 billion with an EBIT margin of 10 percent and a return on capital employed of 12 percent until 2027.