The Liebherr Group has achieved more than €10 billion ($15.7 billion) in annual turnover for the first time in the company’s history.
It represents an increase of €739 million ($1.16 billion), 7.5 per cent compared with the previous year.
The news follows both the construction machinery and mining equipment divisions of the company recording increases in sales revenues by 10.8 per cent, with especially strong contributions from the Mobile Cranes division.
Liebherr attributed the record sales to favourable economic conditions with higher demand in several sales regions, such as Germany and the European Union.
The business also performed well in Oceania, Asia, North America and, driven by Australia, USA and China.
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The expansion of the crane, construction machinery and concrete technology divisions in particular are intended to support Liebherr’s growth strategy outside of Europe.
Liebherr achieved a net profit of €321 million ($505 million) in 2018, slightly above the previous year’s level, with the operating result remaining stable.
The company has also invested €586 million ($921.9 million) in research and development last year, the bulk of which was used on new products. Research has been invested into an array of services and products with aims to increase energy efficiency, networking, automation, and lightweight product design.
Further growth is expected in 2019 by the company, which says demand in most regions and industries may develop positively. It expects sales revenue to continue to rise in 2019 and say the order books have already been nicely filled at the start of the year.