Austrian crane-maker Palfinger reported a 51% increase in full year net profit of EUR107.7 million (USD117.7 million) on the back of a 10% increase in revenue.

“Palfinger AG looks back on 2023 as the most successful fiscal year in the company's history,” the company says.

Despite the record result, Palfinger says the economic environment is extremely challenging, particularly in Europe.  

“At Palfinger, we know how to cope with volatile conditions,” says chief executive officer Andreas Klauser.

“We have proved that in 2023 and we will also tackle the challenges in 2024, which are no less demanding.”

Palfinger says the drivers of growth last year were the North American and Asian regions, as well as its marine business.

It says North America remains a focus for the business, with new regional headquarters opened in Schaumburg in Illinois in June 2023.

Since September 2023, Steyr Automotive has been assembling Palfinger truck-mounted forklifts (TMF) exclusively for the North American market.

By 2027, 1,700 truck-mounted forklifts are to be delivered to North America every year.

Palfinger says it expects stable revenue in the first half of 2024.

“There is very limited visibility for the second half of 2024,” the company says.

“Palfinger is focusing on further increasing resilience through optimisation of working capital, strict investment management and targeted cost reductions in 2024.”

The company says there is no change to its financial targets for 2027.