Comer Industries Reports Growth In 2010

Comer Industries reports at its shareholder's meeting a growth in profits during 2010.

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The Shareholders’ Meeting of Comer Industries Spa, chaired by Fabio Storchi, met on 29 April to approve the consolidated financial statements of the group.

In a scenario characterized by the recovery of its market sectors of reference, Comer Industries achieved consolidated revenues of 276,534 thousand euros, rising by 14.6% compared to the previous year. Net profit stood at 10,690 thousand euros, an important growth compared to the 2009 fiscal year. The consolidated financial position strengthened, exhibiting a significant net indebtedness reduction, an increment in equity and a ratio of net financial position to equity (gearing) of 0.35. The number of employees also grew from 1,145 to 1,217 (6.3%).

The company performed very well in the industrial area, particularly in the compact construction and road machinery segments. In the renewable energies sector, Comer Industries further increased its revenues with cutting edge products and technical solutions for new generation wind turbines. The applications for agriculture market also showed signs of recovery, driven by a widespread growth in demand in the second half of 2010. 

President and Ceo Fabio Storchi comments “After the crisis of 2009, Comer Industries has quickly reacted to the new global situation, adopting a plan to simplify and rationalize its organization. Thanks to the recovery in our market sectors of reference, we have registered  results in line with the past periods and established the basis for significant improvements also in the coming years. It is therefore with confidence and determination that we look at the medium-term plan, which fixes new targets for company development, relying on  the outstanding features of Comer Industries: advanced engineering competences, a competitive and sustainable industrial model and the continuity of forty years of growth on the international markets.”