Turnover kept secret

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turnover kept secret

ecause of increasingly sharp international competition, Denmark's LM Glasfiber is refusing to reveal the volume of its annual turnover for the second year running. LM has dominated the market for wind turbine rotor blades for the past several years, but is facing increasingly stiff competition from firms in other European countries.

The company's managing director, Flemming Skouboe, admits, however, that "it is no secret that LM's turnover has risen sharply" in past years. This is also revealed in the company's accounts for the past fiscal year, covering the period from May 1992-April 1993. Gross profit increased from DKK 58 million in the previous fiscal year to nearly DKK 80 million and profit before tax increased from DKK 13 million to DKK 18 million. In fiscal year 1990-91, net turnover was reported as DKK 83 million with a gross profit margin of DKK 45 million, suggesting that annual turnover for the past fiscal year is probably in the order of DKK 150 million. However, this is not due to blade manufacture alone. Production of glass fibre boats also doubled in the past fiscal year, says Skouboe.

As well as being the main blade supplier for six of the seven largest Danish wind turbine manufacturers (Vestas being the exception) LM has nearly 20 foreign customers. These are mainly concentrated in Germany (eight), Spain (two) and India (two) with the remaining clients accounting for a series of small orders around the world, including Italy, the UK and the US, says the company's sales manager, Troels Thomsen.

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