The strength of the offshore market, together with recent acquisitions, have helped Norway’s Hydralift to double its turnover and profits.
Hydralift’s operating revenue for 2001 was up 103% to NOK 2,310m ($257m) and operating profit was up 159% to NOK 282m ($31m). Pre-tax profit was up 155% to NOK 281m ($31m).
Companies acquired in 2001 contributed NOK 744m ($83m) of operating income and NOK 88m ($9.8m) in operating profit (before goodwill depreciation). Hydralift Procon is consolidated in the accounts from 1 February 2000, Hydralift Molde Crane as from 1 April, and Hydralift BLM as from 1 May. The company said that profit obtained from these companies exceeded its expectations prior to the acquisitions.
Order intake in 2001 reached a record high of NOK 2,837m ($315m). This compares with orders in 2000 of NOK 1,415m ($157m). Fourth quarter intake was NOK 534m ($59m) and by year-end the order backlog amounted to NOK 1,810m ($201m), of which acquired companies contributed NOK 470m ($52m).
Hydralift produces offshore cranes, ship cranes, drilling equipment for deep-water rigs, jackup equipment, and other equipment for the offshore industry.