20.02.2023

A year of change for Alimak

Swedish international mastclimber and hoist manufacturer Alimak, has reported a strong fourth quarter.

The company has seen several acquisitions this year, including Tall Crane in August and Tractel (which includes Scanclimber) which completed in late November. If Tractel’s results were combined with Alimak’s for the full year 2022, the company would have been 45 percent bigger in terms of revenues at SK6.54 billion (€585 million) with an EBITDA of SK1 billion (€89 million). In addition, Alimak completed its withdrawal from the Russina market in August, which it had pledged to do following the invasion of Ukraine in February.

But here are the actual Alimak results for 2022:

Full Year
Total revenues increased 21 percent to SK 4.51billion (€403 million) driven largely by strong growth in the Façade Access and Construction divisions. The Industrial division was positive, but the Wind operation declined again. Pre-tax profit came in 17 percent higher at SK485 million (€43.3 million).

Fourth Quarter
Total revenues were SK1.40 billion (€125.3 million) an increase of 36 percent on last year, partly due to acquisitions and to a smaller extent to organic growth. Pre-tax profit for the quarter was SK169 million (€15.1 million), up 41 percent on the same period in 2021.

Chief executive Ole Kristian Jødahl said: “2022 has been a very good and important year for the group. We have taken a solid first step in our profitable growth journey despite a challenging macro environment. We have delivered an organic growth of 8.6% on our order intake, increased our EPS with 24% and made two acquisitions with Tall Crane and Tractel. All thanks to the great efforts by our employees.”

“In November we finally closed the acquisition of Tractel. This acquisition will further strengthen our global market position, expand our product and solution offering and broaden our customer base. The acquisition is transformational and accelerates our profitable growth journey. The integration work is now well underway, and I am very pleased to see the engagement and ownership throughout the organisation.”

“The fourth quarter is the first consolidated financial reporting period for Alimak, including Tractel as of November 21st. It is satisfying to see that both companies are delivering solid sales and earnings during the quarter and the full year, and that we are entering 2023 with good momentum. Order intake for the group grew by 53% and by 12% organically in the quarter, continuing the solid growth trend during the year. Group revenue increased by 36% and was flat organically due to timing effects and continued challenging market conditions for our Wind division.”

“It is encouraging to see that Construction delivered strong order intake growth in the quarter, despite increased market uncertainty, with good equipment sales in Europe and Americas and increased Rental and Parts and Service sales in Asia Pacific. Tractel's temporary access rack & pinion business - Scanclimber - is now part of the division and broadens our solutions portfolio. The addition of their mastclimbing work platforms and other products, makes our product range more complete and strengthens our global market position further.”

Vertikal Comment

This is really good result from Alimak which is becoming an extremely diversified work at height group. The mastclimber business which almost seems lost at times has gained the Scanclimber product line to add to that of Hek - two of the best known names in the mastclimber world.

In spite of the acquisitions the mastclimber and hoist markets are more competitive than ever, Alimak remains very strong in hoists but perhaps a little less dominant in the mastclimber business which is more fragmented and individual.

The company has a lot on its plate to digest at the moment, with the consolidation of Tractel, it has rejiggled the divisional structure and new has a Height Safety operation, which will be interesting to watch.
2023 will be a very interesting year for the company.