GEA records first quarter growth despite market challenges
Process technology business GEA has reported positive first quarter results, with a 6.7 percent year-on-year revenue increase to 1.004 billion Euros.
According to the company, there had been robust growth in small and medium-sized orders, despite a slowdown of customers placing major orders with the company.
GEA recorded an order intake of 1.136 million for the first quarter, which was down 0.7% year-on-year.
The company said there had been significant gains across its food and pharma businesses, reporting that Western Europe, Middle East & Africa and Latin America were key areas of focus.
Its operating EBITDA rose to EUR 96 million, which represented an increase of 2.7 percent compared with the same period in the previous year.
“The macroeconomic uncertainties are expected to intensify, so we’ll have to see how GEA fares in the second quarter of 2017 before venturing a prediction as to where in our performance corridor we will close the year,” said Jürg Oleas, CEO of GEA.
In 2016, GEA reported revenues of 4.5 billion Euros. The food and beverages sector, which is a long-term growth industry, accounted for around 70% of its business. As of March 2017, the company employed about 17,000 people globally.