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Hansen Transmissions reports good half year
1 November 2008
Hansen Transmissions announced a quadrupling of its net profit for the first half of its 2008/09 fiscal year compared to the same period in 2007, and a 73% increase in sales to EUR 295.2 million. The Belgian manufacturer of wind turbine gearboxes expanded output at its Lommel factory in April and says it has achieved full capacity at the plant. Overseas factory development is also on track and within budget, according to Hansen, with delivery of the first gearbox from an Indian plant and a groundbreaking ceremony for a new Chinese factory. Despite recent volatility in financial markets, the company believes that the expected surge in demand for wind power will continue to buoy results. For now, it says it enjoys strong cash flow, has long term credit lines in place and an order book full to December 2009. The supply of high quality bearings, a severe bottleneck in the gearbox supply line to date, "considerably improved" during the first half of this year, reports Hansen. The firm says that additional capacity from existing and new bearing suppliers is further boosting supply in the last six months of the 2008/09 fiscal year. Hansen's earnings before interest, tax, depreciation and amortisation soared 142% to EUR 46.2 million for the April-September period. The company forecasts revenue growth of about 50% in the full 12 months leading up to March 2009.
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