Palfinger will be changing its corporate structure after it has reported a 9.8 per cent growth in revenue in 2018.
The company’s revenue reached a total of €1.6 billion ($AU2.5 billion), which the company reports is thanks to outstanding performance in Europe, however it also saw significant increases in North America, Russia and China.
Additionally, after Andreas Klauser was appointed as the new CEO of the group, the Global Palfinger Organisation (GPO) plan was prepared and implemented at the beginning of 2019. The GPO aims to organise the company to focus on value creation processes and creating internal synergies, with an end goal to increase profitability. The corporate structure aims to transform the Palfinger Group into an integrated group of enterprises, laying the foundation for profitable growth.
“We are utilising the market position and sound economic performance of our company to prepare for greater volatility in the markets and a difficult economic environment,” Klauser said.
“As an integrated group, Palfinger will be able to be more flexible and profitable in its operations. Internally, we have identified a great deal of potential we will utilize to grow further. The greatest support in this regard is our GPO, a valuable tool in ensuring global and efficient management.”
Palfinger estimates the first quarters of the 2019 financial year will continue to be satisfactory overall, along with an increase in revenue and profitability.
In 2018, the company defined economic targets to meet by 2022, including an organic increase in revenue to around $AU3.16 billion.