Kamstrup, an intelligent metering solutions provider, reported “record-breaking turnover for 2015” in its annual report released today. Building on the previous record of €186 million set in 2014, Kamstrup posted an annual turnover of €204 million in 2015 with a pre-tax profit of €27 million.
As expected, the pre-tax profit is lower than in 2014 due to the sale of the company’s Dutch gas division that year.
In 2015, the global electricity and water markets experienced moderate growth while the heat meter market was stagnant. In the face of increasing competition, Kamstrup managed to gain market share in a number of key markets in 2015 and posts organic growth of 13%. The company’s growth was particularly strong in the global water market as an increasing number of water utilities around the world realise the benefits of intelligent solutions for water metering.
One of the reasons for the increased turnover is the heavy investment Kamstrup continues to make into product development. This saw several new solutions brought to market in 2015, most notably, new intelligent water network solutions for monitoring pressure and leakages throughout the distribution network. The investment in development also generated more than 100 new positions within Kamstrup in 2015, taking the number of staff past the 1000 mark in a historic moment for the Danish solutions provider, 25 years after its decision to move from mechanical meters to a pure focus on electronic solutions.
The large expenditures in product development make the financial results for 2015 all the more impressive and sets Kamstrup up to increase its market share and revenue even more in 2016, according to CEO Per Asmussen.
“The sails have been set to continue our growth as a result of our investment in product development and production technology. The new solutions we have created have reinforced our competitiveness and position as an industry leader. We expect growth again in 2016 and a slightly higher profit than in 2015, primarily on the basis of growth in export markets, particularly in the water sector. We will continue to invest heavily in these areas to ensure Kamstrup continues to drive the advancement of intelligent metering solutions,” said Per Asmussen.
2015 saw Kamstrup receive its biggest ever order when it was awarded a contract by DONG Energy to supply 1 million intelligent electricity meters across Copenhagen, Denmark. A new office was also recently opened in Istanbul in Turkey to take the number of countries in which Kamstrup is represented with a sales office to 24.
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