Palfinger Group reports that financial 2000 was the best year in its history, and was the third successive year of record results.
Revenue was up 29.5% to Euro 315.0m.
Earnings before interest and taxation (EBIT) was up 65.8% to Euro 44.7m.
Pre-tax profit was up 74.5% to Euro 41.9m.
In its statement the company attributed the success to three main factors: “1. The record revenue and profits posted by Palfinger’s core truck crane business due to its technology and cost leadership. In volume terms sales of both product lines were up by about 40%.
2. Guima, acquired in 1999, has proved a perfect fit with the Palfinger Group, and integration of the French hook loader manufacturer has gone smoothly. The synergies in purchasing, production and distribution have exceeded expectations. The target of world market leadership in this segment has not yet been attained, and is a challenge for the current financial year.
3. Additional cost savings and a marked increase in productivity due to a further move away from vertical integration, a drive to modularise the company’s products, optimisation of internal processes, and the successful transfer of component manufacturing operations to Bulgaria were achieved.” The management anticipates further growth this year, but at a slower pace than in 2000, owing to the gloomier economic outlook. Order backlog at year end was unchanged from the Euro 57m recorded at the end of 1999. Earnings growth is expected to come from breaking into new markets in the USA and Latin America, from new products like the company’s hook loaders and tailgates, and from further cost savings. The earnings of the crane business are seen holding at their recent high level. Palfinger is standing by its targets of increases in the EBIT margin and earnings per share.