The PALFINGER Group continued its growth in the first half of 2019, achieving double-digit increases in revenue and earnings.
"To put it in a nutshell, our report on the first half of 2019 is highly positive," says Andreas Klauser, CEO of PALFINGER AG.
"In the Land units, incoming orders were at a good level and our production facilities worked at full capacity utilisation. Our new (Global Palfinger Organization) structure is becoming well established. It helps us to act quickly and efficiently. This is already noticeable in our results. In the (Sea segment), we were able to largely complete the restructuring process. At the same time, the market started to recover and we have been generating more and more orders. We will intensify the integration of this segment into the GPO structure."
The PALFINGER Group's revenue rose by 11.4% to EUR893.4 million (USD1 billion) in the reporting period, reaching yet another record level for a first-half reporting period.
EBITDA grew at the excellent rate of 17%, reflecting both positive business performance and a change in lease accounting requirements (IFRS 16 Leases).
Other significant developments detailed in the quarterly report include the implementation of a new business model through the foundation of the joint venture Palfinger Structural Inspection GmbH, referred to as STRUCINSPECT. This company revolutionises the inspection of structures through the use of new technologies, data and artificial intelligence. First reference projects have already been launched.
In June, PALFINGER and the Chinese lifeboat manufacturer Neptune agreed on a joint venture. This cooperation in sales and service of rescue equipment will open up new opportunities for PALFINGER, primarily in Asia and in China's dynamic cruise ship market.
The outlook for 2019 as a whole remains positive, according to Klauser. On the basis of current market trends, PALFINGER expects another record year. Further ahead, PALFINGER sees continued growth potential in new products and new business models.