Sweden based ventilation specialist Systemair saw operating profits decline substantially in the third quarter.
The company’s results for November 2008 to January 2009 show net sales rose by five per cent to £67.5million compared to the same period last year, but operating profit fell 35 per cent to £5.5mill with operating margins reduced from 13.6 per cent to 8.3 per cent.
Chief executive Gerald Engström said: “We are satisfied with growth of five per cent. The global financial crisis has led to falling volumes, especially in Russia and Ukraine, but also in Spain and Ireland.
“However, for us healthy growth continued in parts of Western Europe, Eastern Europe and Asia.
“We remain cautiously positive about the outlook for sales. Our aim is to continue growing even when demand slumps by developing new products, marketing consistently and expanding our geographic presence through acquisitions and new operations.”
Despite setbacks in some countries Systemair saw organic sales growth in Western Europe of 12 per cent with a particularly strong performance in Germany.
In response to predicted weaker demand various measures have been put in place including reducing staff at five manufacturing plants and at some sales offices.