Grundfos Reports 3% Increase in Half-Year Turnover
Grundfos, based in Denmark, is the world's largest water pump manufacturer. The pump company reported a 3% increase in group turnover to €1.47 billion during the first half of 2013 and earnings of €59. China experienced the highest growth in turnover at 12% while Eastern European countries achieved 5% during the same time period. The Western European market did not experience significant growth.
“At best, the pump market is stagnating, and when seen in that light, our modest growth is very reasonable,” says Carsten Bjerg, Grundfos group president and CEO. “The first half-year is always weaker than the second half-year in Grundfos, and it is our hope that the figures for growth, turnover and earnings will develop positively for the entire year. So far, market developments have not been favourable to us. Some markets do not perform as we had planned. The half-year result is only just satisfactory.”
Management is optimistic that the remainder of 2013 will result in more sales and become another good year for the company.
“Our global sales organization is making a great effort by being close to the customers,” says Bjerg. At the same time, we continuously monitor our level of cost, adapt the business and keep a watch on expenses. Everything is under control, and we expect the 2013 result for the year to show satisfactory growth for the Group.”