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Nordex increase 2015 targets following 66% H1 earnings boost

GERMANY: Nordex has posted pre-tax earnings of €61.5 million in the first half of 2015, an increase of 66% year-on-year.

Nordex sales increased 35% in the first half of 2015
Nordex sales increased 35% in the first half of 2015

The manufacturer's sales also increased by 35% to €1.1 billion, attributed to a strong showing in Europe where 86% of its sales were located.

Nordex said its order backlog increased by 25.7% to €1.8 billion. As a result, the company's management board raised its guidance for 2015 sales to €2-2.2 billion, up from €1.9-2.1 billion.

"We are very optimistic for the current year and expect sales growth to substantially exceed the forecasts we issued at the beginning of the year," said Nordex CEO Lars Bondo Krogsgaard.

The company also said it had achieved a record turbine production output of 1.01GW, nearly double the capacity produced in H1 2014 (579.1MW).

Sales in the second quarter of the year climbed 54% compared to the same period in 2014, the company added.

It has been an eventful quarter for Nordex. In May CEO Jurgen Zeschky stepped down from the role after four years in charge to be replaced by Krogsgaard. In a statement, Nordex said Zeschky informed the non-executive board he intended to leave for "personal reasons".

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