Nordex scores big sales increase

German turbine manufacturer Nordex posted earnings of €97.6 million in the third quarter of 2015, a 63% rise on the same period last year, helped by falling costs and rising demand in Europe and South Africa.

Orders have gone up by 57% and the performance has led the German company Nordex to raise its sales target for 2015 by roughly 15% from €1.9-2.1bn to between €2.3bn and €2.4bn.

Orders on hand climbed by 32% which, the company said in a statement, “provide the underpinnings for the expected growth in the first half of 2016.”

Europe and South Africa accounted for 88% of total sales with the remaining 12% coming from the Americas.

Nordex chief executive Lars Bondo Krogsgaard revealed the company plans to expand further.

He said: “We are currently growing more quickly than the wind power industry as a whole. This is due to our focus on the right markets, products and services. To ensure that we remain on this course of expansion in the long term, we have now decided to substantially strengthen our business by combining our activities with those of Acciona Windpower.”

Indeed, in early October, Nordex surprised the industry with the announcement it would acquire rival Acciona Windpower in a €785 million cash and shares deal. In return, the Acciona Group would become Nordex’s reference shareholder with a 29.9% stake.

The company will report on its medium-term outlook and strategic orientation at a capital markets day taking place tomorrow in Frankfurt.

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