Winterthur, Switzerland -- The Rieter Group has announced that its sales have increased by 12 percent to CHF 3930.1 million ($3587.3 million), while orders rose by 7 percent to CHF 4066.4 million in 2007, compared to the same period in 2006.
Reiter said in a 31 Jan statement that both figures are new records for the company.
The company puts the increase -- divided between the groups two divisions, Textile Systems and Automotive Systems -- down to the development of the global economy, as well as emerging markets in Asia and Latin America. Exchange rate movements have also had a slight impact on the group's sales.
Sales in the company's Automotive Systems business rose by 8 percent to CHF 2363.3 million year-on-year, due to an increase in vehicle production in western Europe and strong growth in eastern Europe, Asia and Latin America.
The group's Textiles business also recorded a record 18 percent growth in sales to CHF 1566.8 million, compared to the same period in 2006, due to strong demand for spinning machinery from Turkey, India and China.
Based on the trend in operating results, Rieter said that it expects to report an improvement in its operating results (EBIT) and a further increase in net profit and earnings per share, when it publishes its results for 2007 on 20 March 2008.