German agricultural equipment provider Krone has posted record year-end results, with turnover of €2.1bn (£1.89bn).

The results are a marked improvement over its €1.9bn turnover in 2017. While having international reach including an established UK branch, the German sector accounted for €583m of this year’s turnover.

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Sales in markets outside Germany amounted to 1.5 billion euros, nearly 171 million euros (12.4%) up over the previous year. Nearly 71% of these export sales were generated by the commercial vehicles business and 29.1% by the agricultural machinery division. As such, the international business accounts for 72.7% in total sales which is roughly equivalent to the level of the previous year (72.8%).

Total investments made by the Krone Group in the past financial year amounted to 67.0 million euros, 53.8 million euros of which were spent on tangible assets, 4.9 million euros on intangible assets and 8.3 million euros on financial assets. The highest single investment of about 40 million euros was the new coating centre at the Werlte production site.

Bernard Krone, managing partner of the Krone Group, said: “As a medium-sized and family-run enterprise we benefit from being quick, flexible and innovative. An equity ratio of 47% gives us a solid financial foundation that gives us the entrepreneurial leeway to implement further innovations and hence continue the path of sustained growth.

“Furthermore, the diversification in commercial trailers and farm machinery offers us exceptional opportunities as we develop practical solutions for both types of products, helping our customers around the globe to meet their challenges. A rapidly growing world population calls for an increased and more efficient food production and this inevitably involves an increase in freight transportation. Digitisation plays a key role in this context. Already today, Krone provides a wide range of future-oriented solutions for smart farm machines and smart trailers already today.”

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Krone’s commercial vehicles group finished its financial year with a turnover of €1.49bn, an increase of 13.6% over the previous year. 26.4% of these revenues were generated in the German market which continues to be the most important individual market accounting for a 10.2% increase to €393m euros. Other key markets were the Western European markets representing 42.6% of sales (previously 43.8%) and Eastern Europe representing 22.0% (previously 21.6%).

The Krone Group employs 4,900 staff and is headquatered in the northwest German region of Spelle.