Liebherr reports turnover boost for cranes business

Liebherr's annual results showed an increase in its cranes business, despite an overall 1.4% dip in group turnover to €8.96bn, which the firm explained as being partially due to reduced sales in the earthmoving and mining divisions. A 34% overall fall in group earnings to €364m was put down to a backdrop of "moderate economic progress".

Liebherr's tower crane turnover was €395.5m which the manufacturer said was due to an improved performance in Germany, Switzerland and Russia. Whilst its mobile division reported a €2.07bn turnover explained by the firm as being linked to growth in Germany, the Netherlands and the USA. The maritime cranes division saw a small rise in turnover to €830.1m.

Western Europe was Liebherr's strongest growth region with turnover up by 4.8% to €4.15bn. Eastern European business shrank by 13.2%, while the Middle East was steady at €306.5m. Significant increases were seen in Saudi Arabia and the UAE.

In America, Liebherr described business as positive, with turnover dipping only slightly to €1.47bn. Africa registered a 2.4% turnover rise to €606m, while the Far East/Australia region was 9.7% lower at €1.50bn.

Group investments in 2013 matched the previous year's level at €830m, with the mobile cranes division investing €86.3m. The tower cranes division invested €73.2m with €71.1m invested in maritime cranes.

The company said that initial estimates for 2014 suggested its total turnover would be similar to 2013, with the total workforce expected to further increase.