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HVAC component supplier posts double digit growth

Belimo achieved sales of 426.4 million Swiss francs (£288.4m) in 2010, a 10.5 per cent increase compared to a year earlier, or 14.7 per cent on a currency adjusted basis.

The company, which produces electrical actuator solutions for heating, ventilation and air conditioning systems, amassed an operating income (EBIT) of 83.2m Swiss francs (£56.3m) and an operating margin of 19.5 per cent.

The company’s year-on-year net income rose by 24.5 per cent to 61.3m Swiss francs (£41.4m), while earnings per share were CHF 101.10 (£68.29), compared to 81.35 Swiss francs (£54.94) in 2009.

Return on equity (ROE) increased to 31.8 per cent in 2010 compared to 30.6 per cent a year previously, and the return on invested capital (ROIC) was 36.1 per cent as opposed to 28 per cent a year earlier.

The company’s European markets recovered quickly from the downturn in 2009, with sales in local currencies increasing by 15.4 per cent.

Its eastern European markets grew significantly, as did its markets in the UK, Germany, France, Italy and Switzerland. Austria, Norway and Dubai, however, remained below expectations.

For the year ahead, Belimo aims to develop and offer more electrical actuator solutions for heating, ventilation and air conditioning systems which provide increased comfort and energy efficiency.