Earnings before interest and taxes (EBIT) were DKK2.0 billion in 2015, up from DKK861 million a year earlier. The pump group’s profit after tax reached DKK1.45 billion, compared with DKK503 million in 2014.
Meanwhile group revenue was DKK24.8 billion in 2015, up 5% in Danish kroner and 0.8% in local currencies on 2014. “Our earnings and cash flow have substantially improved, thanks to better focus and priorities, among other things. 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,” said Grundfos CEO Mads Nipper. Grundfos is seeing its strongest growth in North and South America. Sales rose by 12% in USA, and by 18% in South America. Grundfos also saw a positive development in Japan and Vietnam. In Europe, the company is seeing advances in markets like Italy, Poland, Hungary, Turkey, the Czech Republic and the Baltics, which all show good growth figures. “We have achieved moderate sales growth under difficult market conditions. I attribute this to our innovative quality products and our organisation’s ability to retain good customer relationships,” said Nipper. Grundfos group management had clear goals at the start of 2015: to achieve a significant improvement in earnings, to retain global market share and to get off to a good start implementing the new Grundfos Strategy 2020.
