In the land segment, revenue rose by 6.3%, while in the sea segment Palfinger recorded growth of 65.2%, reflecting the acquisition of the Harding Group.

“The good performance in Europe, Russia and China, as well as the acquisitions made by the Group since 2016, contributed significantly to the expansion of business,” said the Group.

In the first half of 2017, the land segment’s revenue rose from €587.4m in the first half of 2016 to €624.6m.

The economic recovery in Europe affected sales. Particularly in construction and infrastructure, Palfinger benefited from replacement investments, which had been suspended in recent years.

In Europe positive contributions also came from the acquisition of the Spanish distribution company and the establishment of Palfinger Iberica in 2016, as well as the acquisition of the Danish distribution partner Palfinger Danmark AS.

The restructuring in North America brought material success to this segment. The revision of the product portfolio is progressing and the first newly developed products are about to be presented to the market.

“Provided that the demand for loader cranes continues to be satisfactory, profitability in North America is expected to grow in the months to come,” said the company.

In South America, Palfinger continued to operate in a highly difficult market environment, but it seems that the downturn has bottomed out.

The company said that in Asia, particularly in China, the partnership with Sany is the foundation for the sound development of business.

“The Sany Palfinger joint venture recorded satisfactory increases in revenue during the reporting period.”

In Russia/CIS, the economic environment remained a challenging one, and local value creation facilitated additional growth.