The total revenue for the first quarter was €225.8m, just above the 2012 figure of €223.9m. Earnings for Palfinger also rose by 1.9% from EBIT €17.7m in 2012 to EBIT €18.1m this year, which it said was primarily facilitated by the regions outside Europe and the marine business area.

In the marine business area the company said that the acquisition of Palfinger Dreggen, at the end of 2012, contributed to the business’s revenue growth. Two orders were obtained for offshore cranes totalling approximately €90m.

Describing the business’s first quarter performance across different geographies Palfinger said that Europe saw a further decline in demand. North America’s development was positive for two years in a row. South America maintained a good level after the increases in previous quarters. Business performance in Asia showed an upward trend in the period under review. Moreover, the Chinese joint venture with Sany is going to have a positive effect on business.

Palfinger’s chief executive, Herbert Ortner said: "Actually we are more than satisfied, first of all because we have managed to continue Palfinger’s growth, and secondly because this confirms the success of our strategy. Without our consistent internationalisation outside Europe and without the new marine business area, our business performance would not be this good,"

The outlook predicted by the company’s management was for a continued moderate increase in revenue, coming primarily from the business areas outside Europe and the marine business area. In addition, it is estimated that these areas will make even more substantial contributions to earnings.

Palfinger went on to say that it saw the potential for doubling annual revenue to approximately €1.8b by 2017. The company intends to reach this goal primarily by boosting the introduction of the entire product portfolio in the BRIC markets. The marine business area harbours great potential as well. The management plans to reach this long-term revenue target through organic as well as inorganic growth.