Record year for Palfinger

Palfinger posted the highest revenue figures ever recorded at the company in its 2011 financial year results.

Revenue at the Austria-based manufacturer of knuckle boom cranes rose by 29.7% from €651.8 million (US$848 million) in 2010 to €845.7 million ($1.1 billion). In addition to the recovery of the markets, the main reason behind the increase was the expansion of both its markets and its sales network.

"The internationalisation achieved in recent years has not only contributed to this growth but has made it possible in the first place. In the second half of the year, which was ill-omened due to the global financial policy debate, we observed greater restraint in Europe, while the regions outside Europe continued to show positive performance," said Herbert Ortner, Palfinger CEO.

North America, South America, Asia and Pacific, India and CIS, stepped up their combined contribution to group's revenue for 2011 to 26.5%. In Europe, business in many core markets continued to grow in nearly all product divisions in 2011, with a distinct recovery being observed particularly in the crane business, said the company. In Spain, Greece and Portugal, all of which were hit particularly hard by the crisis, markets were still weak during the period under review.

EBIT (including associated companies) for the 2011 financial year came to €67.9 million, up from €37.1 million in 2010, an increase of 82.8 %.

Against the backdrop of the uncertain development of the economy and demand, the management expects a moderate increase in revenue during the 2012 financial year, said the company.