For the first half of 2016 Palfinger posted a 9.8 % revenue increase to €665.6 million (US$ 739.5 million) from €606.2 million ($ 673.6 million) in the same period of 2015.
An even higher percentage, 21.4 %, for the Austrian crane and aerial work platform manufacturer, saw earnings before interest and taxes (EBIT) increase from €53.5 million to €64.9 million ($ 59.4 million to $ 72.1 million). The EBIT margin increased from 8.8 % in H1 2015 to 9.8 % for the first half of this year.
Europe was the primary source of the growth, Palfinger said and the region also accounted for 70.6 % of total sales, up from 68.3 % a year earlier.
Commenting on the results, Herbert Ortner, Palfinger CEO, said, “We are happy once again to have achieved record revenue. The satisfactory capacity utilisation in the European market in almost all product areas confirms that we are on the right track with our product mix. The acquisition of Harding, the largest acquisition in our company’s history, will make us the world’s leading supplier of lifesaving equipment in the maritime industry. Through the planned takeover of [offshore crane manufacturer] TTS Group ASA, Palfinger would become one of the top three players in the global ship equipment market.”
In North America revenue was slightly higher in H1 2016 than H1 2015. Sales were down again in South America, just below flat in Russia and described as satisfactory although subdued in the Asia Pacific region.
Looking ahead, Palfinger said it sees the potential to increase annual revenue, including from the joint venture companies in China and Russia, to approximately €1.8 billion ($ 2 billion) by 2017.