The company attributed the increase primarily to the favourable condition of the construction industry in Europe and successful sales in CIS.

Despite the revenue peak, profits fell by 14.2% year-on-year to €52.5m due to restructuring costs and one-time effects.

Revenue generated in the ‘Land’ segment of the group grew from €1.15bn in 2016 to €1.23bn, a year-on-year increase of 6.6%. The growth was achieved primarily in Europe, with the acquisition of the Danish distribution partner Palfinger Danmark AS contributing to the increase as well. In addition, business performance was “satisfactory” in Asia and CIS. In the reporting period, the Land segment accounted for 83.6% (previous year: 85%) of the group’s revenue.

Palfinger said: “The economic recovery in Europe was still felt in the EMEA region in 2017. Particularly in construction and infrastructure, Palfinger benefited from replacement investments, which had been suspended in recent years. Performance was particularly noteworthy in the core markets and in Southern Europe, where the markets had recently been weak, and, in terms of products, once again in the crane business.

“The restructuring in North America brought material success. In addition to making adaptations to its internal organization, Palfinger sold its service body business in the first quarter of 2017. Provided that the demand for loader cranes continues to be satisfactory, profitability in North America is expected to grow in 2018; the restructuring measures are expected to be completed in the first half of 2018. In South America, Palfinger continued to operate in a highly difficult market environment, but it seems that the downturn has bottomed out.”

In Asia, the Sany Palfinger joint venture recorded significant increases in revenue during the reporting period.

“In Russia/CIS, the economic environment remained a challenging one, and local value creation continued to prove highly advantageous, facilitating additional growth,” added Palfinger.