Nordex blames economic conditions for lowered sales projection

GERMANY: Turbine manufacturer Nordex has announced a 16% fall in orders to €734millon for 2010 and is citing economic conditions for the drop.

Nordex lowers sales forecast
Nordex lowers sales forecast

In its annual results, Nordex said gross margins for the years had grown by 22% but staff costs had also climbed to 9.2% from 6.9% in 2008. This meant earnings before interest had dropped to €40million from €63million the year before.

2009 saw a rise in sales with orders worth €1.183billion compared to €1.136billion in 2008. Nordex USA performing strongly with a 130% increase.

Speaking about the figures Thomas Richterich, CEO of Nordex SE, said: "After disappointing order intake at the beginning of the year, we are now seeing preliminary positive signals and expect material impetus for new growth to emerge in the second half of 2010 in particular.

"As a result, we may be able to achieve a similarly top-line growth as in 2009 and benefit from economies of scale this year."

Nordex announced it is planning to launch the new "Gamma" generation of its 2.5MW series this month.

Last week, Nordex was handed a 30MW contract by an unnamed European wind developer for a project in northern Greece. The deal is for 12 N90/2500 2.5MW turbines and includes a five-year maintenance contract. The project is expected to go online by mid-2011.




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