Rocla Oyj has branded 2003 a "weak year" and is focusing on encouraging projections for 2004.

Rocla yesterday announced full year net sales of EUR80.9 million (USD101.5 million), 10% down from EUR89.5 million (USD112.3 million) in 2002.

While demand for warehouse trucks stayed constant throughout the year, Rocla kept sales in the sector above the market average with successful product launches and increases in leasing.

Rocla's sales of industrial trucks fell 6%, from EUR69.6 million (USD87.4 million) to EUR65.7 million (USD82.5 million) year-on-year, but the company was encouraged by the reception of its Orion range of warehouse trucks, developed jointly with Mitsubishi-Caterpillar Forklift Europe, which was introduced in September.

"Overall growth of demand in this area was still modest and competition continued to intensify. Price pressure remained tough and the excess capacity of major truck producers caused a growth of truck supply," the company said.

Rocla had EUR14.8 million (USD18.6 million) in orders on its books as at January 1, 40% higher than at the same time last year.

"The new year is off to a better start. A stronger order book, new product launches and the start-up of deliveries for the American market boost capacity use and thus growth prospects," the company said.

"The last quarter of 2003 and order bookings over the turn of the year provide a platform for favourable prospects. As a whole, 2004 is expected to bring clear improvements in net sales as well as in results."