Under the chairmanship of Valerio Morra the group achieved a turnover amounting to 757 million Euros.

This translates to a 12 percent lift over the previous year, with profit before tax equating to 14 million Euros.

"85 percent of this turnover was obtained on the foreign markets, testifying to the Group's increasing degree of internationalisation," Mr Morra said.

In Australia its McCormick and Landini tractor brands are handled by PFG Australia.

Mr Morra said management had countered the effects of the drop in demand by reorganising corporate processes, while keeping down running costs.

The company's 2009 results will rest on how "the currently unfavourable economic-financial situation" plays out in the year ahead, according to Mr Morra.

"Argo will concentrate its investments on the development of new products, on strengthening the dealer network and on improving the level of service for our customers," he said.

Interestingly, during 2008, the Argo Group made 23,500 tractors and 9570 agricultural machines, of which 1040 were combine harvesters.

As a result tractor division turnover rose by 10 percent over 2007 and by 20 percent for its agricultural machinery division.

The Argo Group says its share of the market became stronger in Western Europe and North America, recording "significant" growth in the Eastern European countries, also in Africa, the Middle East and Far East.