Bauer has reported rising revenues in its first half results, despite a weaker than expected contribution from its ground engineering equipment business.
The company reported a 9.6% rise in sales for the first six months of this year, compared to the same period in 2011, to reach €701.5M (£551M). Orders were also up 16% for the period to €778.6M (£612M). However, sales from the company’s machinery division were weaker than expected and have lead the company to revise down its full year profits forecast from €35m (£27.5M) to between €25M and €30M (£19.6M and £23.6M), although revenues are still expected to be €1.45bn (£1.14bn) for the full year due to the start of work on a number of major projects.
Sales in the equipment division fell 7.4% in the first half of 2012, compared to last year, to €291.2M (£229M). In a statement, Bauer said: “There is a measure of uncertainty and reluctance to place orders among customers due to the problems being faced by many economies around the world. Markets in Europe and China, especially, are in decline.”
Bauer also said that while its resources division had seen positive growth in the last six months profits had been impacted by “on-going problems on the well drilling project in Jordan”.