Homag, the world’s largest woodworking machinery manufacturer, returned to profit in 2010 with a pre-tax result of €14.4m (2009: €-29.8m).
Sales at the German company, which has 16 factories worldwide, rose 37% to €718m (2009: €524m).
Order intake rose 31% to €541m, mainly on the back of favourable business in the BRIC countries, particularly China and Brazil, which saw their share in Homag’s orders rise from 12% to 23%.
The company said it had not yet reached pre-crisis revenue and earnings levels, but CEO Rolf Kroll expressed confidence that the upward trend would continue.
“By adopting targeted growth and earnings measures, we want to return the Homag Group to the level of 2007 and 2008 within the medium term, and we therefore want to continue growing in 2011.”
Mr Kroll said the turnaround was “sustainable” and emphasised the group’s global presence and broad portfolio as decisive factors behind its performance.
“Our order situation recovered at a very early stage and we have grown faster than the mechanical engineering industry as a whole or indeed our industry segment.”
In a further sign of a return to normal business, the group started hiring employees again in 2010, with total headcount rising to 5,051 employees (2009: 4,954).
Debt levels have also dropped further to €55.8m at year-end 2010 (December 31, 2009: €94.6m)
“Out net liabilities to banks are thus at the lowest level in more than 20 years,” said Homag chief financial officer Andreas Hermann.
