Pankl turnover edges down

Engine producer Pankl Racing Systems AG has announced a slight drop in turnover.The company, which is based in the Styrian town of Bruck an der Mur, said today (Thurs) its turnover shrank by 1.35 million Euros year on year to 87.55 million Euros in the 2009/2010 business year which ended in September.The firm’s earnings before interest and taxes (Ebit), however, soared from 1.9 to 3.7 million Euros.Pankl said it managed to significantly increase its earnings by restructuring processes within the company. It stressed turnover and earnings rose in the second half of the past business year after a bad performance in the first six months.The company, which specialises in developing and manufacturing engines for racing cars and the aerospace industry, is quoted on the Vienna Stock Exchange’s (WBAG) prime market. It does business in Austria, Slovakia, Japan, as well as in the United States and in Great Britain.