Jungheinrich has announced its annual operating income for 2004 has topped last financial year's EUR77.7 million (USD103.6 million) although it has yet to disclose concrete figures.

Group sales rose 4 per cent to EUR1.53 billion (USD2.04 billion), due in part to a fourth-quarter sales increase of 9 per cent.

The European market volume grew by about 10 per cent for 2004, characterised by a rising demand for warehousing equipment and counterbalanced trucks.

"Already included in this is the special burden derived from the discontinuation of production at the Madrid assembly plant in Spain," Dr Cletus von Pilcher, chairman of the board of management, said.

The assembly plant of Jungheinrich Producción in Madrid, Spain, which mainly manufactured electric hand pallet trucks, was closed at the end of last year.