Palfinger revenues up 29%

The company recorded pre-tax earnings of €35m, up €40m on 2009 figures, with a significant increase in EBITDA earnings of 254% year-on-year.

Palfinger attributes its performance last year to the recovery of significant markets, which has enabled the company to expand during what was a turbulent year for many involved in equipment manufacture.

Palfinger CEO Herbert Ortner explained: “The results show that we did not just ride out the international economic crisis, but actually used it to our advantage to generate further growth and strengthen the group.

"In absolute numbers, we are still a long way from earlier record results, but with a plus in revenue of approximately 30 percent and excellent growth in earnings, we are still highly satisfied with what we have achieved.”

Following poor first-half results in 2009 the firm undertook stringent cost-cutting measures that returned Palfinger to positive earnings by the end of the year.

In 2010 the firm launched the Paltec Truck Equipment Company to boost distribution across North America before entering into the US service truck market.

Later in the year Palfinger also acquired a 75% stake in rescue boat davit manufacturer Ned-Deck Marine as part of a strategy to generate revenue streams from the marine segment of the market.

Palfinger also re-integrated Palfinger Systems, the marine crane business privately owned by the Palfinger family, to develop the Marine Systems business within the group.

The firm’s acquisitions have helped to increase revenue generation by around 7%, with 30% of the total consolidated revenue coming from areas outside Europe such as India and Russia where the group is developing its foothold.

Share prices also increased by over 80%, with the board expected to propose a dividend of €0.22/share.