Grundfos reports increased earnings for 2015
Danish pump manufacturer Grundfos has reported moderate sales growth of 0.8% and a significant increase in earnings for 2015. Earnings before interest and taxes (EBIT) are DKK2.0 billion, compared to 861 million the year before, and the group’s profit after tax (PAT) will reach DKK1.45 billion, compared to 503 million in 2014.
The group’s revenue has risen to DKK24.8 billion, representing sales growth of 5% in Danish kroner compared to 2014. Sales growth in Danish kroner was positively impacted by exchange rate increases in a number of key currencies.
“Our earnings and cashflow have substantially improved thanks to better focus and priorities, among other things,” said Grundfos CEO Mads Nipper. “We are retaining or gaining market share in key strategic markets. And the group strategy of focusing on our core business and improving customer relationships is working.”
Nipper admitted that the world market has been “a mixed bag” for the past year, with the company achieving moderate sales growth under difficult market conditions. He said, “Russia — previously one of our most rapidly growing and profitable markets — is dropping sharply, and China’s growth machine has come to a halt.”
But in spite of a weak European economy, Grundfos is seeing advances in markets like Italy, Poland, Hungary, Turkey, the Czech Republic and the Baltics. Sales rose by 12% in the US, the world’s largest pump market, and 18% in the South American markets. There was also positive development in Japan and Vietnam.
Grundfos is also achieving its goals of reducing its environmental impact. During the year, CO2 emissions, energy consumption and water consumption have all been reduced compared to 2014 and to the company’s benchmark year of 2008.
Originally published here.
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