Half year 2015 turnover reached DKK11.9 billion, compared with DKK11.1 billion a year ago, while profitability increased to DKK628 million.
“We have done what we planned to do. We are pleased to see that the initiatives taken during the last year are so far showing solid and positive results. But we are of course still on the early stages of the journey, and the target is still to stick to the plans for a higher profit rate and a sustainable growth,” said Grundfos Group president Mads Nipper.
The US market delivered interim sales growth of 15% in local currency, while Europe was stable with more modest growth rates and market share increases. In Russia, sales were down as a result of difficult market conditions. The Chinese market was more or less unchanged on last year, reflecting reduced investment levels and uncertainly in the domestic economy. Meanwhile, South America, the Middle East and Japan have all contributed positively to Grundfos’s growth.
“We are meeting intensified competition all over, but it is our evaluation that we are still gaining market shares in most markets. The new group strategy is being implemented with intensified customer focus, cost consciousness, better service offerings, strengthened product leadership and more efficient value chains. We are still having a long haul in front of us towards 2020, but we have started out well. And despite tough competition and difficult market conditions in several places, our foundation for creating improved results is better than one year ago,” added Nipper.