Progress-Werk Oberkirch AG reported earnings results for the year 2011. For the year, the company reported group revenue rose by 25.3% to EUR 331.1 million against EUR 264.2 million a year ago. This amount included approximately EUR 20 million in material price increases. Total output increased by 21.5% to EUR 328.8 million against EUR 270.7 million a year ago and EBIT increased to EUR 19.2 million against EUR 16.0 million a year ago. Currency effects had a positive effect and amounted to EUR 1.0 million. The tax rate continued to decline as expected. Accordingly, net income and earnings per share were increased disproportionately by around 40% to EUR 9.0 million or EUR 3.61 per share against EUR 6.5 million or EUR 2.58 per share a year ago. Based on the currently existing call orders from its customers, the company expects Group revenue to grow to approximately EUR 360 million in 2012. This forecast assumes a considerably lower impact from material price increases. In terms of EBIT, the Group aims to achieve approximately EUR 25 million. Net income and earnings per share are expected to see disproportionately higher increases due to the continued slide in the tax rate. Based on early indications for 2013 and 2014, the positive revenue trend and above-average earnings growth should continue.