Grundfos: half-year sales up 11.2%

Grundfos has reported net turnover of DKK15.8 billion for the first half of 2022 with earnings before interest and tax (EBIT) of DKK1,689 million adjusted for a one-off cost related to the closing of its business in Russia and Belarus.

Poul Due Jensen, CEO of Grundfos.
Poul Due Jensen, CEO of Grundfos.

Sales growth was 11.2%, adjusted for lost sales in Russia and Belarus, while the company posted a +15% increase in order intake.

Adjusting for the one-off cost of DKK851 million related to winding down activities in Russia and Belarus, the Danish water solutions company’s EBIT of DKK1,689 million was negatively impacted by continued supply chain and materials shortage challenges.

“I am very proud to present such strong results for our first half of 2022. It has been our number one priority to be able to continue to serve our customers and we have managed to do so whilst navigating extraordinarily difficult circumstances,” said Grundfos CEO Poul Due Jensen.

Grundfos expects rising raw material prices, higher logistics costs and significant material shortages to continue, making the outlook for the remainder of the year uncertain.

"Grundfos will continue to provide solutions to the climate and water challenges the world faces. We want to play an active role in relieving the energy crisis in Europe and the rest of the world by delivering energy efficient solutions that reduce the use of electricity for heating, cooling and water management,” added Due Jensen.