Palfinger up 29%

Preliminary 2010 financial results for Palfinger show revenue up 29% on the previous year.

Revenue in 2010 for the Austria-based loader crane and access equipment manufacturer was Euro 650 million (US$ 826 million), up from the 2009 figure of Euro 505 million ($690 million).

"The results show that we did not just ride out the international economic crisis but actually used it to our advantage to generate further growth and strengthen the Group. In absolute numbers we are still a long way from earlier record results but, with a plus in revenue of approximately 30 percent and excellent growth in earnings, we are still highly satisfied with what we have achieved," explained Herbert Ortner, Palfinger CEO.

The growth was attributed to the recovery of significant markets and the further expansion of the market. Acquisitions contributed around 7% to the revenue generated. Earnings before interest and taxes (EBIT) was Euro 35 million ($ 48 million), up from the Euro -5 million (-$6.8 million) deficit in 2009.

Palfinger management forecasts a 20% increase in revenue for the 2011 financial year. Adding further to the revenue growth will be the expansion of the market, in particular, in Russia and Asia.