Cargotec profit and sales down in disappointing 2013Cargotec profit and sales down in disappointing 2013

The company's profit for 2013 was EUR55.4m, down from EUR89.5m in 2012, as sales declined 4% to EUR3.1bn and orders received jumped 8% to EUR3.3bn. Cash flow for 2013 was EUR180.9m, up from EUR97.1m in 2012.

Orders taken by the company were split among their brands with MacGregor taking 31%, 43% to Kalmar and 26% to Hiab.

"Despite our many achievements, 2013 was financially disappointing," commented Cargotec's president and ceo Mika Vehviläinen. "However, it was pleasing during the fourth quarter to see the amount of orders received increase, while cash flow continued to strengthen from the third quarter."

"MacGregor's growth strategy progressed significantly during the fourth quarter. Announced in July, the acquisition of Hatlapa was completed in October. Then we also announced our intention to acquire the Aker Solutions' mooring and loading systems unit." The acquisition of the Aker unit was completed on 30 January 2014. "These acquisitions will position MacGregor as a leading player in the offshore equipment market."

"Our main target is to improve our profitability. During 2013, a great deal of work was done in developing our strengths. Although much remains to be done, I expect our efforts to bear fruit this year and also to be reflected in the results."

The company expects sales growth and an improved profit before restructuring costs in 2014.