Strabag ‘on track’ despite falling revenues

Strabag said it was “on track” to achieve its targets for 2016, despite revealing a 7% year-on-year decrease in its revenues for the first nine months of the year.

The company’s revenues were down to €9.6 billion for the first three quarters of 2016, and €3.9 billion for the third quarter.

The Austrian-based contractor also announced a 52% year-on-year increase in its earnings before interest and taxes (EBIT) for the first three quarters, to €175.9 million.

Thomas Birtel, CEO, said that the company’s goal of an EBIT margin of 3% in for the year should be reached.

He added that, in the coming year, Strabag would begin with a “comfortable order pad”, which he said was supported by its core market of Germany. He said the company would therefore assume that it would continue to see its sales grow.