Forklift seat manufacturer Grammer AG has announced a 27.8% revenue growth from EUR727.4 million (USD996.8 million) in 2009 to EUR929.3 million (USD1.274 billion) in 2010.

Grammer says its group revenue was higher than the full-year forecasts, which had already been raised twice. The company profited from a "surprisingly strong" recovery across the entire industry.

Before auditing, group earnings before interest and taxes (EBIT) are expected to be EUR32.7 million (USD44.8 million), compared to a loss of EUR23.9 million (USD32.8 million) the previous year. The rise in EBIT is attributed to higher revenue, and cost-cutting and consolidation measures.

Grammer experienced a strong fourth quarter in 2010, with group revenue totalling EUR252.3 million (USD345.7 million), compared to 2009's EUR208.9 million (USD286.3 million). Strong demand in both the automotive and seating systems divisions contributed to the increased revenue.

Revenue in the seating systems division rose 38.6% to EUR342.5 million (USD469.2 million) from 2009's EUR247.1 million (USD338.4 million). Grammer attributed the substantial increase to rising truck demand and recovery in the off-road vehicles market. Above-average growth was generated in China and Brazil.

Grammer says it will continue to closely monitor developments in global commodity markets and release a detailed forecast for 2011 on 30 March.

Grammer AG, producer of automotive interior components and systems, and passenger seats for forklifts, tractors and construction machinery, is represented in 17 countries. It has a workforce of about 8,000 employees across 23 fully consolidated subsidiaries. It shares are listed in the SDAX segment of the German Stock Exchange.