Grundfos: stirring the growth
Pump company Grudfos counts its first half-year gains and losses
Earlier this week the pump company Grundfos released its results for the first half of 2014, indicating a strong position. The company reported profits of 301 million Danish kroner before taxes. Grundfos reports on steady growth in the US and Chinese markets with increases of 12 and 18 percent respectively.
The situation in other parts of the world is not so stable though. This is reflected on Grundfos's profits especially in Europe. The conflict between Ukraine and Russia has affected income, particularly due to fluctuating exchange rates. “We are definitely not satisfied with this, so we need to secure a cost reduction while at the same time having increased focus on the customers throughout the organisation,” underlines Mads Nipper, company’s Group President.
According to the annual report in 2013, the company’s largest markets were China, Russia and Germany, with sales in the United States “not satisfactory”. The first half of 2014 shows a changed picture, with the European markets lagging behind.