COPENHAGEN, Denmark – Danish pump giant Grundfos has reported an increase in profit from 2016 but says the market overall stayed “flat”.
In its financial results, the company reported that net turnover had decreased slightly for the year but profit after tax was DKK1.67 billion (US$239.6 million).
Grundfos said full year growth has been achieved in Germany, China, the United Kingdom and a number of other European and Asian markets.
However, Russia and the Greater Middle East continued to “suffer from low activity levels driven by low oil prices and financial uncertainty”.
Also, the US showed a decline in sales on the back of strong growth in 2015.
Mads Nipper, group president and CEO said: “It is estimated that the global pump market served by Grundfos stayed flat in 2016. Our modest full-year sales growth therefore means that we have bolstered our position as the globally leading pump solutions provider. After a challenging 1st half of 2016, we are particularly happy that sales regained momentum in the 2nd half of 2016.”
“The competition is fierce in our markets and we constantly need to focus on offering the most innovative solutions and the best delivery service to our customers, while at the same lowering our cost base.”
Grundfos, much like US firm Xylem, is looking to broaden its focus away from the traditional pump market. As a result, Nipper said the company accelerated investments into “digitally enabled offerings”.
Last month the company expanded its use of simulation software to work more in the Internet of Things space.