The world’s largest woodworking machinery manufacturer Homag increased sales in 2011 but still posted a net loss of €4.7m (2010: €6.7m).

“We were proactive in 2011 and were able to raise our sales revenue in all four quarters, despite the uncertainty in financial markets,said ceo Dr Markus Flik.

Preliminary figures show group order intake increased by about 6%, reaching €574.8m (prior year: €541m), while sales revenue rose by just over 11% to €798.7m (2010: €717.7m).

Earnings before interest, tax, depreciation and amortisation rose by 8% to €70.5m (2010: €65.1m).

Restructuring cost €18.9m due to measures taken at subsidiaries Bütfering, Friz and Torwegge. This combined with other factors led to an “extraordinarily hightax rate of 151.7% (2010: 43.9%), which pushed the net result into loss.

Group restructuring involves the number of manufacturing locations being reduced from 11 to eight.