The Austrian EPS technology group, Hirsch Servo AG (A-9555 Glanegg; www.hirsch-gruppe.com), reports that it has been able to salvage the 2001-2002 financial year (30 June) thanks to a strong second half. While the company posted a 24% fall in sales during the first six months, the improvement in the second half means that sales were down by “only” 9% on the previous (record) year at EUR 51m. The company´s earnings before interest and taxes ( EBIT) fell back 20% to EUR 4.3m.

Orders of machinery and plant engineering, Hirsch-Servo´s biggest division, reached record levels in the second half, but as the company previously was hit severely by the crisis in the US and in the European construction industry, sales for the full financial year were down 15% at EUR 21.1m. Things were not much different for the presentation systems division, which was negatively affected by the slump in advertising and ended the year 11% weaker at EUR 6.2m. The shape moulding division, on the other hand, was stable at EUR 23.7m, compared with EUR 23.9m in the previous year. Apart from its European transport packaging business for the electronics industry, its project business with “Thermozell-Leichtbeton” in Germany also increased, said Hirsch Servo. This year, the company expects further growth, and has announced that the recently built production site at Jászfenszaru in Hungary (PIE 15, 2001) is currently undergoing further expansion.