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NIBE says sales grow in 2009

Sweden based heating specialist NIBE has reported sales were up by 5.6 per cent to in the first three months of the year.

An interim report on the period from January to March said sales rose by 5.6 per cent to £109 million (SEK 1,305 mill) and profit after net financial items rose by 13.4 per cent to £6.6mill (SEK 79.4 mill)

NIBE Group President Gerteric Lindquist said: “We are pleased to be able to report growth in both sales and earnings for the first quarter.

'Our positive financial development is due to several factors, such as all three business areas continuing to strengthen their market positions and the growing demand for renewable energy products, an area in which we hold a strong position.

'Throughout the rest of the year we will continue our intensive marketing campaign just as before and invest additional resources in product development. We will also continue our work to increase productivity, reduce raw materials costs and reduce capital tied up.

'In light of this, and despite the current global economic recession, our forecast for 2009 remains positive, if a little cautious.'

Since the beginning of the year NIBE has acquired Swedish based Sol & Energiteknik, Finnish Bencon Oy and another 24 per cent of Russian CJSC EVAN.