Stable first half for Bauer

Bavarian-based foundations specialist Bauer has reported a stable first half to the year, with total group revenues up 3.9% to €749.2 million from €721.3 million for the first half of 2013.

The construction and equipment manufacturing group improved its EBIT (earnings before interest and taxes) by €6.2 million to €13.6 million.

However, Bauer also posted a net loss of €11 million down on the previous year's figure of €7.9 million. The additional loss came from problems on a dam project in the US and significantly higher income tax expenses year-on-year.

Bauer’s order book stood at €773.7 million, in line with expectations but down on last year’s order book of €868.6 million.

Bauer’s construction segment saw revenue increase by 1.5% to €351.4 million, while segment EBIT increased from €2.9 million to €7.4 million. As a number of major projects have been completed, orders in hand decreased as expected to €470.4 million from 2013’s €531.3 million.

In the equipment segment, total revenues rose by 3.7% to €321.3 million.

Business in the first half of the year was marked by higher margins based on stronger sales of complex large machines. That had a positive effect on segment EBIT, which more than doubled against to the previous year from €5.8 million to €13.2 million.