Cavotec Publishes 2010 Annual Report

We have now published our 2010 annual report, which is available for download from our website:
Cavotec Annual Report

The overall picture for the year was positive in almost all our main market areas, especially in our Airports unit. Furthermore, the Group is well positioned to grow steadily in the coming years.

Total revenue for the Group stood at EUR 144.9 million, up from EUR 125.2 million in 2009.

Revenue increased in all our market units in 2010, with the exception of Ports & Maritime, which was down 13.0 per cent, to EUR 30.8 million. This reflects the extraordinary downturn experienced in the sector as investment struggled to recover following the financial crisis. The unit retains however a positive outlook for the future, ideally placed as a supplier of advanced technologies – such as our automated mooring and shore-to-ship power systems – with a respected history of performance from service and applications already in widespread use around the world.

Total revenue for the Airports unit jumped 39.2 per cent, to EUR 37.7 million, with revenue in the Middle East up more than EUR 10 million. As economic growth returns to its upward trend, we forecast continued substantial growth for this segment in the years ahead, especially in emerging markets such as China, India and Brazil, and across the Middle East, the Far East and South East Asia.

Revenue for our Mining & Tunnelling segment was up 55.6 per cent, to EUR 21.1 million. The improvement took place in all but one of our markets, and was initially driven by increased consumption of products for industrial production, extending later in the year to include capital-investment goods and major investment projects. The market for underground mines and tunnelling is forecast to continue expanding rapidly in the years ahead, and with it, the need for systems that ensure the safe supply of electrical power.

Total revenue growth for our General Industry unit was 12.5 per cent, amounting to EUR 55.3 million. General Industry remains our single largest unit, accounting for 38.1 per cent of total revenue in 2010. Our largest market for General Industry, by a substantial margin, was Europe and Africa, where revenue increased to EUR 31.2 million, up from EUR 29.4 million in the previous year.

You can find all our recent annual, interim and quarterly reports here.