Bauer AG records ‘positive’ after-tax earnings for start of 2022
By Catrin Jones12 May 2022
Foundations drilling specialist the Bauer Group have recorded a “positive” start to 2022 with revenues having increased by 17.2% year-on-year from €356.6 million, to €417.9 million.
At €4.1 million, EBIT was significantly higher than the figure of €1.8 million, for the same period in the previous year. At €1.6 million, the group’s earnings after taxes were well above the previous figure of €-5.1 million and were positive again in the first quarter for the first time in many years.
Bauer says that this was due to the better operating result and the development of market interest rates for interest rate hedging transactions, which was more favourable for the company.
In the construction segment, the first few weeks of the year were somewhat more restrained, especially in international business, but were in line with expectations. The Resources segment started the current year as planned says the company.
At €183.8 million, the total group output in the construction segment was 8.3% above the previous year’s figure of €169.7 million. The increase is based on the significantly higher order backlog compared to the previous year.
“This positive business development is mainly due to the machinery segment. A positive trend was already apparent there in the fourth quarter of last year, which continued at the beginning of 2022,” said Michael Stomberg, CEO of Bauer AG.
The company continues to expect a significant increase in total group revenues for the 2022 financial year.