Grundfos announces strong half-year result despite challenging circumstances
Grundfos reported a strong order intake growth of +15%, and sales growth of 11.2% for the first half of 2022, adjusted for lost sales in Russia and Belarus.
Adjusting for a one-off cost of DKK 851m related to closing business in Russia and Belarus, the water solutions company reports earnings before interest and tax (EBIT) of DKK 1,689m, negatively impacted by continued supply chain and materials shortage challenges.
“I am very proud to present such strong results for our first half of 2022. It has been our number one priority to be able to continue to serve our customers and we have managed to do so whilst navigating extraordinarily difficult circumstances,” says CEO Poul Due Jensen.
“These results are proof of the agility, dedication and hard work shown by our colleagues all
over the world and I cannot thank them all enough for their resilience and devotion in these continuously challenging conditions,’’ he added.
The growing raw material prices, higher logistics costs, and significant material shortages are expected to continue, making the outlook for the remainder of the year uncertain.
He reiterated that Grundfos will continue to provide solutions to the climate and water challenges the world faces as the company wants to play an active role in relieving the energy crisis in Europe and the rest of the world by delivering energy efficient solutions that reduce the use of electricity for heating, cooling and water management.