ARGO Tractors 2011 Financial Results and Review
Mon 30/04/2012ARGO Tractors SpA achieved a 16% increase in sales revenues in 2011 as greater demand for its Landini, McCormick and Valpadana products was met by an 18% uplift in production volume.
Consolidated financial statements to the end of December 2011, approved at a shareholders meeting chaired by company President, Valerio Morra, show sales revenues grew to €479.1 million (£392.7 million) in 2011.
“Substantial investment in new products, increased attention to markets with high growth potential and improved, more efficient manufacturing processes are providing solid foundations that will hopefully enable us to achieve incremental results with regard to revenue and profitability,” says Mr Morra.
Ray Spinks, general manager and sales director at GB distributor AgriArgo UK, Harworth, Yorkshire, welcomes ARGO Tractors’ financial results and the measures taken to strengthen the company’s industrial base last year.
“It shows that dispensing with the grain and grass harvesting interests to focus on core tractor products was the right thing to do,” he says. “Investments in new technical facilities are evident at the Fabbrico headquarters plant and its satellite factories in Italy; new products have been launched; and an intense product development programme promises significant new introductions over the coming years.”
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