Jungheinrich has raised its forecasts for the current financial year

The Jungheinrich Group has raised its forecasts for the current financial year on the back of strong performance in the first half of 2017.

The group's latest results include a 22% increase in net sales and a new production record of 57,600 units - up 12% on the same period last year.

Jungheinrich's strong performance mirrors strong overall market conditions, with the world market for materials handling equipment recording an 18% boost from January to June 2017. The driving force behind the significant year-on-year increase in market volume was demand from the Chinese market, which soared by 41%.

A sharp rise in orders for IC engine-powered counterbalance trucks was behind these positive market developments, according to the latest Jungheinrich analysis. Demand in Europe rose by 12%, with Western Europe up by 9% and Eastern Europe up by 27%, with Russia contributing significantly.

Jungheinrich's incoming order tally rose 11.6%, from 56,700 units to 63,300, while production reached 57,600 units (up from 51,500 last year this time).

Net sales, at EUR1.63 billion (USD1.91 billion), were up 14.2% from the first half of 2016, while EBIT rose 12.3% from EUR110.2 million (USD123.4 million) to EUR123.7 million (USD145.2 million).

Jungheinrich's workforce increased by 477 employees in the first half of 2017, reaching 15,487 employees.

"With an order range of more than four months and the current dynamic market, particularly in Europe, we are looking forward to a positive second half of the year," says Hans-Georg Frey, chairman of the board of management of Jungheinrich.