Germany-based Homag said a successful 2013 would be followed by sales growth over the next five years, taking annual turnover up to about €500m.

Sales grew last year by about 6%, leading to a windfall for employees as part of Homag’s employee stock ownership plan.

Homag is paying out €4.6m to employees, with each of the 1,262 employees involved receiving an average of more than €3,600 in 2013.

Meanwhile, Italian machinery producer Biesse recorded pre-tax profits of €14.6m (2012: €5.1m loss) in 2013, though revenues were slightly down to €378.4m.

Biesse recorded a sales increase in eastern Europe, Asia Pacific and North America.

The company’s total order intake in 2013 was €313m, up 7.8% compared to 2012.

Biesse is predicting a slight growth in business in 2014, particularly in the first half, with a stronger recovery in confidence in 2015-16.