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The German beverage engineering company announced consolidated sales of €2.173bn for 2010. This figure is above the forecast of €2.10bn to €2.15bn issued in its first half results at the end of July last year.
But Krones still has some way to go before it reaches the €2.381bn annual sales figure that the company reported in 2008.
The recession has had a big impact on the willingness and ability of beverage companies to make capital investments. Projects were put on hold or cancelled completely in 2009 in the wake of the financial crisis.
In the words of Krones, the economic climate made 2009 the most difficult year in its 59 year history.
Recovery
The company now claims that it is well on the road to recovery and is “within the bandwidth of its best-case prognosis.”
Sales have recovered sharply and a pretax loss of €39.2m in 2009 has been turned into a pre-tax profit of €70.8m last year.
Krones achieved this income figure with 337 additional employees around the globe taking total staff numbers up to 10, 575 people.
The company is confident that the recovery will continue this year. In a statement it said:
“On the basis of the currently buoyant performance of the global economy and the stable ongoing uptrend, Krones is expecting sales revenues to continue their growth in 2011, with another significant rise in earnings as well.”
The company will give more details on its 2010 performance at its balance sheet press conference in Munich on 27 April 2011.