Acqusition helps drive ‘strong start’ for Alimak
15 May 2023
Vertical access specialist Alimak Group has published its first quarter financial results, reporting a massive revenue increase of 86% compared to the same period in 2022.
The Swedish company, which over the past twelve months has made several key business acquisitions, achieved revenues of SEK1.7 billion (€150 million) for the first three months of 2023.
This is up from SEK936 million (€82.8 million) for the same time period last year and corresponds to “organic growth of 12%” and the integration of its new subsidiaries Tractel and Tall Crane, which contributed 67% of the increase.
Describing its financial results as a “very strong start to the year”, the group also achieved an order intake of SEK1.87 billion (€165 million ). This up from SEK1.05 billion (€92 million) in 2023 and equates to a 78% year-on-year rise and was attributed to organic growth in the industrial and wind sectors, as well as by Alimak’s purchase of Tractel and Tall Crane.
Ole Kristian Jødahl, President and CEO, said, “During the first quarter, we continued to deliver on our profitable growth strategy and increased aggregated adjusted EBITA by 41%. The integration of Tractel and Tall Crane is on track, and we are now forming a new and even stronger Group.”
The company’s Construction, Industrial and Height Safety & Productivity business divisions saw revenue rises of 29%, 31% and 19% respectively - these figures equate to SEK467 million (€41 million), SEK311 million (€27.5 million) and SEK362 million (€32.1 million) for the first quarter of 2023.
The Facade Access business sector was also up 10% for the quarter, rising from SEK443 million for the first three months of 2022 to SEK443 million this year.
Commenting on its Construction sector performance, Jødahl said, “The Construction division delivered a solid quarter, despite more challenging market conditions. Order intake increased 46%, with an organic decrease of 4%. There was a substantial contribution from the acquisitions of Tractel and Tall Crane.
“Rental and service activities remained strong, meanwhile demand for new equipment was lower, reflecting the tougher market conditions.
While Alimak said that a major part of the double-digit growth of its Height Safety & Productivity Solutions segment came from “significant” sales to some large customers, strong equipment sales in Europe’s marine, energy and mining sectors helped drive the growth of its Industrial segment.
Looking ahead, Jødahl said, “We expect continued macro-economic uncertainties. As a team, we are prepared to navigate through these challenges, in close cooperation with our customers and business partners, and to continue to execute on our sustainable profitable growth agenda.”