Machinery giant Claas enjoyed a boost in profits and turnover last year.
The latest accounts for the company reveal a 3.7% increase in turnover to 4.04 billion euros (£3.59bn) for the year to September 30, 2020.
Pre-tax profits were also up by 16.5% on the year before to 158.1 million euros (£140.53m).
“Claas managed to achieve growth in sales and to improve profitability despite the pandemic and shutdowns in production,” said Thomas Böck, chairman of the Claas Group executive board.
“In the process, our widespread international presence has paid off.”
He said sales had exceeded four million euros for the first time and the company experienced strong growth in Russia and North America. “At around 20%, Claas achieved its strongest growth in sales outside of Europe, with North America proving to be the most important growth driver,” added Mr Böck.
He said the company successfully completed a series of projects, despite the Covid-19 pandemic.
These included the installation of new production technologies at its tractor factory in Le Mans, France, modernisation of its combine production facility in Harsewinkel, Germany, and the creation of new sales centres in the UK and France.
“On top of increased capital investments in fixed assets totalling 131m euros (£116.5m), expenditure on research and development, totalling 237m euros (£211m) once again remained at a very high level,” added Mr Böck. He praised the “high dedication of staff and a close-knit logistics network” for ensuring supply of machinery and parts to customers was maintained as best as it could be during the pandemic.
Commenting on the current financial year, Mr Böck said: “In view of the coronavirus pandemic and the international trade conflicts which are still smouldering, negative effects on sales and earnings cannot be ruled out.
“Further risks could arise from volatile producer prices and changes in the political framework for farmers in core markets.
“Despite these uncertainties, Claas expects sales and earnings for the current 2021 fiscal year to remain at the previous year’s level.”