Amberg, Germany - Grammer Group says it grew in fiscal 2012, despite difficult car and truck markets, to again beat the previous year's record revenue. Preliminary figures for the global supplier of seating systems for commercial vehicles show group revenue at €1.140 billion ($1.51 billion) - an increase of more than four percent over 2011.
The company said that, despite planned one-time startup costs for new products, and "the unexpectedly drastic slowdown of Brazil's commercial vehicle market in 2012," Grammer achieved a good operating result, exceeding expectations slightly. The preliminary figure for earnings before interest and taxes (EBIT) at about €47 million was just slightly lower than last year (2011: €49.4 million).
New products allowed Grammer "to continue improving our market position in a difficult environment. Overall, we are very satisfied with the performance of the company in fiscal year 2012. Thanks to our broad international footing, we were able to compensate for the sometimes drastic slowdowns in our core markets and achieve further growth," said Hartmut Müller, ceo of Grammer, in the company's results statement.
Revenue for 2012 in Grammer's automotive division totalled €710 million - an increase of nearly 5 percent over 2011. Revenue in seating systems rose by more than two percent compared to 2011, to €448 million.
Grammer said its focus on the premium segment, good international positioning and investments in new products allowed growth in its Automotive business against the general market trend. Grammer's Seating Systems division also saw revenues increase, and this was based on its global market position and the successful launch of the new truck seat generation, the company commented.
Looking ahead, Grammer said it expects no broad recovery of the economy for the early part of this year. However, Grammer foresees stable development overall in the company's core markets. Its international presence and new products mean Grammer has good chances in 2013 for further growth and improved market positioning in core markets.