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#NIBE: “Demand in Europe has remained cautious”

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Swedish heat pump manufacturer NIBE is reporting an increase in both sales and profit in today’s interim report. Sales rose by 26.4% to SEK 6,115 million (SEK 4,838 million) while operating profit increased by 34.1% to SEK 629 million (SEK 469 million).  Profit after net financial items rose by 32.4% to SEK 572 million (SEK 432 million). Earnings per share amounted to SEK 3.98 (SEK 3.00).

The Group has had a positive first half of 2015 with solid sales growth and strong profit performance. All three business areas are also reporting both increases in market shares and improvements in profit margins. Over half of the increase in sales is acquired. The organic growth was mainly a result of the weakened Swedish krona in the early stages of the period, but the real increase in sales has become more substantial over the latter part of the period,” says Gerteric Lindquist, CEO of NIBE.

The demand situation in Europe has remained cautious, although there have been some rays of hope, while the demand situation in North America and Asia has been relatively solid, with our North American companies continuing to perform well.

We are cautiously positive with regard to the year as a whole in consideration of our strong market position and competitive product lines along with our strong financial position, continuing efforts to improve productivity and a high rate of product development. We are also well prepared for acquisitions, while the currency turbulence, energy price trend and economic climate are factors we have no control over and must work to mitigate,” says Gerteric Lindquist.

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