German-based engine manufacturer Deutz has recorded an 18.5% drop in its revenues to €1.24 billion for 2015 – down from €1.53 billion a year earlier.

Deutz said that customers were “reluctant to invest” during the second half of 2015, resulting in the decline. The number of engines sold was down 29.8% to 137,781 for the year.

Meanwhile, the company recorded a profit of €4.9 million for the year, down from €31.7 million in 2014.

Helmut Leube, chairman of the board, said, “We will continue to focus on increasing efficiency and quality. The measures to optimise our network of sites in Germany are running to plan and we have forged ahead with the consolidation of our sites in China.

Leube added that Deutz’s engine portfolio was at “the cutting edge of technology” and it would add a 2.2 litre diesel and petrol engine.

Deutz said it expected market conditions to remain challenging in 2016, while it forecast that that revenue would stagnate or, at best, rise slightly.

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