Danish turbine blade maker LM Wind Power blamed a “challenging market” for a sharp drop in revenues last year – but insisted it has taken the steps needed to reap the rewards of a rebound to growth.
LM Wind Power pulled in €488m ($675m) in 2013, down from 2012’s €687m, against a background “where the wind market for the first time in
14 years experienced its first contraction in absolute terms”.
But the Danish group said
it managed to keep profitability firm by taking decisive measures on cost control and operational
Operating profits (Ebitda)
before impairment and special items were €64m, just €5m lower than
in the previous 12 months.
The company said it
maintained its market-leading 14% share by installed megawatts, has a portfolio of longer blades in production
and prototype stages, and has adopted a flexible and responsive approach to
LM Wind Power CEO Leo Schot said as well as taking
measures to withstand a dip last year “the management was also able to focus on
strengthening the business for the longer term in many areas, to capture the
predicted return to growth.
"Clear indications of a more positive outlook began
to show by the year end as evidenced by a much improved order book."