Developing markets bolster Palfinger growth

Palfinger reported revenues of EUR208.9m in the three months to 31 March 2008, up 28.7% from the same period in 2007. Ebitda was up 26.2% to EUR34.3m, from EUR27.2m. Margins were slightly down from 14.8% in March 2007, to 14.2% in 2008.

CEO Wolfgang Anzengruber said, “Our record revenues and earnings underscore Palfinger’s strong market position as reflected by our crane business in Europe and the high capacity utilisation in production. Currently the economic environment is very mixed, which is to say that some of our markets are declining while other markets, especially Eastern Europe, South America, and Asia, show great potential. All in all we are still satisfied with the demand situation even though the economic climate is no longer as overheated as in previous quarters.”

Crane delivery times have now been cut to the same backlog as for the large trucks on which the cranes are mounted, through a programme of investment in new production. The company said it is working to move move all of its tail-lift production to new acquisition MBB. By mid-2008, it expects to have fully integrated its Palgate business with MBB. The capacity released by the merger will be used to increase crane production.

Looking forward, the company said, :The trend of the market is positive in spite of weaknesses in individual markets, even though no overheating as in the previous year is recognisable. The macro-economic development in 2008 will remain a substantial factor.

“At present management expects an increase in revenues of around 15% for the full year 2008. Approximately half of this growth is to be generated organically and the other half as a result of the acquisition of the MBB Group.”