Comer Industries Announces 2011 Financial Results

Comer Industries' 2011 financial results show a 20% increase in revenue as well as a 7.7% increase in the number of employees at the company.

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Comer Industries, the global leader in the design and production of advanced engineering systems and mechatronics solutions for power transmission with production and commercial operations in Europe, North America and Asia, overcame the worldwide downturn which has affected the international markets.

2011 consolidated financial statements are over 334 million euros, showing a net increase, compared to 2010, of more than 58 millions euros, equal to + 21%. Ebitda stood at 33,595 million euros, growing by 20%, net profit achieved 15,090 million euros with an increment of 41% over the previous year. The net financial position and equity strengthened exhibiting a significant indebtedness reduction and an improvement in equity. The ratio of net financial position to equity (gearing) is 0.29. The number of employees also grew reaching in 2011 the number of 1,303 (+ 7.7%).

The strategic choice to diversify activity sectors allowed Comer Industries to mitigate downturn risks and to establish the basis for growth in 2011 mainly thanks to agricultural and industrial applications. Product innovation capacity was particularly significant, generating around 50% of the company’s turnover in the last three years. 

Furthermore, 127 young school-leavers and graduates joined the company in 2011, reflecting Comer Industries’ sound prospects for growth and also having a positive social impact in the  area where the company operates.

The adoption of lean methods in all Operating Units, supported by Comer Academy, the internal training and management school, raised the cultural level of the company, improving internal skills, increasing productivity and excellence standard in company performances.

The industrial plan aimed to strengthen the group’s production capacity. The merging of two operating units created a new industrial facility with head office in Cavriago, where 270 people work. The implementation of the investment plan gave rise to the extension of the Matera plant, having now an overall surface area of 19,000 square meters and employing more than 200 workers.    

These figures were presented on Friday, May 4, at the Shareholders’ General Meeting to approve the consolidated financial statements of Comer Industries S.p.A. During the meeting the C.E.O., Fabio Storchi, pointed out that the 2011 results are the best ever achieved by Comer Industries. “We expect further increase in turnover this year,” Storchi declared. “We plan an extension of served markets and greater product diversification to ensure the company’s growth continuation, also thanks to the development and exploitation of our distinctive skills and to the involvement of all people, from personnel to suppliers, the real drivers of Comer Industries’ change and evolution.”