Fewer large construction contracts and a bumper year in 2017 have been cited as the main causes behind Bauer’s fall in revenues for the first quarter of this year compared to the same period last year.
Nonetheless, the company has reported improvements in profitability with EBIT up 30.6% to €11.1M (£9.8M) from revenues of €370.8M (£326.9M), which was down 17.3% compared to the first quarter in 2017.
Despite the improvements in profits, the negative effects of currency has resulted in a €3.9M (£3.4M) loss for earnings after tax.
In a statement, Bauer said that in its construction segment “there were slightly fewer large projects” and revenues were 28.5% below last year’s levels at €150.9M (£133M). Bauer has countered the drop by saying that the figure reported for the first three months of 2017 was “unusually high”.
Bauer has said that it remains confident of achieving its full year forecast, announced last month, of revenues of €1.8bn (£1.58bn) and EBIT of €90M (£79.3M).
Bauer chairman of the management board Thomas Bauer, who recently announced he was to step down from the role, said: “We are working on implementing further improvement measures and further increasing our earnings figures on that basis.”