Palfinger posts strong post-pandemic growth

Austrian crane and access equipment manufacturer Palfinger announced a strong increase in revenue and profits as the company bounced back from the impact of the pandemic – despite a cyberattack and rising raw materials prices.

Half-year revenue stood at €884.1 million, 21.1 per cent up on the same period in 2020, and just below the first half of 2019.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were €133.5 million, 57.2 per cent up on last year and 11.2 per cent higher than 2019.

Growth was strong in China, the USA and the European Union and was driven in particular by demand in the construction and timber sectors. The company also reported major orders for equipping British and French offshore wind farms.

Palfinger said it had “adjusted its market prices” as a result of increased materials costs and had to deal with a cyberattack that caused a two week interruption to operations. But Andreas Klauser, Palfinger CEO, said, “Demand for our products nevertheless remains high. To counter global material bottlenecks, multiple sourcing, proactive warehousing and strategic partnerships with long-term supply contracts are proving to be the best instruments.”

The company said investment will reach “historic” levels of more than €100 million in 2021 to “secure the capacities necessary for continued growth”.