Earnings before interest & tax (EBIT) rose by 21.4% year-on-year to €64.9m, while the consolidated net result was 15.2% higher than H1 2015 at €39.7m.

Excluding temporary workers and equity shareholdings, the group’s workforce has grown by 2% year-on-year to 8,944 employees.

“We are happy once again to have achieved record revenue,” said Herbert Ortner, CEO of Palfinger AG. “The satisfactory capacity utilization in the European market in almost all product areas confirms that we are on the right track with our product mix.

The acquisition of Harding, the largest acquisition in our Company’s history, will make us the world’s leading supplier of lifesaving equipment in the maritime industry. Through the planned takeover of TTS Group ASA, Palfinger would become one of the top three players in the global ship equipment market. Thus, we have come a huge step closer to our goal of increasing annual revenue to €1.8bn by 2017.”

Divisions and acquisitions

The group’s ‘European Units’ segment comprises the area EMEA under which are Loader Cranes, Epsilon Timber and Recycling Cranes, Tail Lifts, Access Platforms, Hooklifts, Truck Mounted Forklifts, Railway Systems, Production, the distribution company in Germany and the transregional Marine business area.

In the first half of 2016, this segment saw a year-on-year increase in revenue of 13.4% from €414.3m to €469.7m. The segment’s EBIT for the first half of 2016 grew by 38.5% to €73.6. “This outstanding improvement was made possible by the contributions of all European units as well as a favourable product mix,” the Palfinger group said.