2013’s result before tax was DKK1.5 billion, down from DKK1.8 billion in 2012. Without the negative effects of foreign exchange rates outside the Eurozone, the growth rate would have been 4.5%.
Grundfos’s three largest markets – China, Russia and Germany – had growth rates of 19%, 13% and 6% respectively. Sales in the US, however, have not been satisfactory.
“The financial results for 2013 are reasonable but below what we expected. We have an ambition of achieving higher growth during the years to come on both top and bottom line,” said group chairman Jens Moberg. “We expect growth in both turnover and earnings in 2014.”
Employee numbers increased during the year by 792 from 17 984 to 18 776.