Skyjack parent Linamar has published its preliminary year end numbers for 2017, with Skyjack posting strong fourth quarter revenue growth and a record breaking year.

Full year revenues for the industrial division which at this point is largely Skyjack, were c$1.12 billion up 29 percent on 2016. The result was due to strong market share gains and volumes for boom lifts in North America, Europe and Asia, plus strong market share gains and increased volumes for telehandlers in North America and higher scissor lift sales in both North America and Europe. The gains were partially offset unfavourable changes in exchange rates.

Operating profits for the year increased by a more modest 12 percent to c$162.4 million.

Moving on to the fourth quarter sales jumped 43.9 percent to c$208.2 million thanks to all of the points mentioned above along with a comparison with a lacklustre fourth quarter in 2016 and 2015. Operating profit in the quarter was 17.1 percent higher at c$28.8 million held back by higher volumes of lower margin products such as telehandlers and booms as well as the negative impact of exchange rates.

Linamar as a whole posted a record year with revenues up 14.5 percent to c$6.55 billion, with full year pre-tax profits will be around three percent higher at c$692.6 million.

Linamar chief executive Linda Hasenfratz said: “We are thrilled with another quarter of excellent top and bottom line growth despite soft markets driving us to another record year in both sales and earnings. Securing a second major e-axle program win is strategically key to helping us to build strong content in electric vehicles for the future and caps off a record year overall for new business wins for us. Strong cash flow completed the trifecta of solid performance, excellent outlook and the cash to invest in our future.”