Interim report for the first quarter of 2019 shows NIBE starts out strong but with varying growth between market segments.
“We have had a strong start to 2019 with healthy increases in both sales and earnings,”says Gerteric Lindquist, Managing Director and CEO of NIBE.“Demand has varied widely, where products with a sustainability profile and climate control products have continued to perform especially well while some consumer and specialised products have had spotty or weaker growth.”
“When the listed Swiss company Schulthess Group AG was acquired in 2011, the German heat pump company Alpha Innotec made up most of the business and was the main reason for the acquisition. Schulthess Maschinen AG, which develops, manufactures and sells washing machines and tumble dryers, was also part of the group, but it has never been an element of our core business. Despite this, we still invested heavily in the company’s continued development for eight years. Over the next three years we will continue to hold 51% of the shares in Schulthess Maschinen AG’s new owner company and then gradually sell off our entire shareholding in the following three to four years.
“The NIBE Climate Solutions business area continues its efforts to strengthen its position as a market-leading supplier and presented a brand-new heat pump range that focuses on connectivity and intelligent control during the quarter.”
“There is continued good growth in the NIBE Element business area, and it is mainly products with a clear sustainability profile that have developed bestwhile market segments with traditional consumer profiles have had weaker growth as have the semiconductor industry and the transport sector.”
“The NIBE Stoves business area is also developing positively and key success factors include continuous product development with both design and efficiency in focus.”
“We have a strong product programme and a timely business philosophy that focuses on sustainability and energy efficiency. We’re financially stable and well prepared for additional acquisitions. Although it is difficult to make predictions in the current business climate, we remain cautiously optimistic about 2019 as a whole,” says Lindquist.