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Denmark

Denmark

LM sees 40% increase in revenue

DENMARK: Blade manufacturer LM Wind Power said revenues increased 40% year-on-year in 2016 to €1.01 billion.

LM Wind Power said higher volumes helped boost revenues in 2016
LM Wind Power said higher volumes helped boost revenues in 2016

This was aided by a 35% increase in revenue in Q4, which totalled €280.9 billion – up from €207.7 billion a year earlier, the company said in its interim 2016 report.

The Danish firm said the strong performance was down to higher volumes, with the inclusion of its Brazilian business, which had previously not been counted as it was part of a joint venture, and a new factory in India.

"All regions delivered double-digit year-on-year revenue growth at both actual and constant exchange rates," the company said.

LM said net profit for 2016 was €51.7 million, up from €5.9 million in 2015.

The strong performance comes just before GE completes its acquisition of the blade developer and manufacturer.

GE's €1.5 billion takeover of LM Wind Power was announced in October.

The US manufacturer intends to operate the blade manufacturer as a "standalone unit" under its renewable energy business.

GE said the takeover of LM, subject to regulatory approvals, should be completed in H1 2017 and should begin benefiting GE's earnings from 2018.

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