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Systemair's global sales soar despite US

Ventilation company Systemair has reported operating profits up by 22 per cent on last year with strong growth across Europe, but a major dip in business in North America due to the weak housing market

Gerald Engstrom (pictured), chief executive, said the had enjoyed a strong finish to the year with final quarter operating profits up by 32 per cent compared to the same period last year.

He said: “The financial year was notable for further strong demand for the Group’s products in most markets.

“It is especially pleasing that Eastern Europe continues to show strong growth, above all in commercial property. We anticipate the market will remain favourable for the majority of our products.”

Sales rose significantly in Western Europe, the Nordic region, Eastern Europe and other markets compared to last year, but in North America sales fell by 16 per cent.

Systemair said this was due to the fall in residential construction and the weaker US dollar.

The year end report said: “During the year, an action plan was initiated with a view to cutting costs in North America. Under the plan, production and administration in  Florida was moved to the facility in Canada.”

The report noted that there had been particular growth in Norway and Finland within the Nordic region with Norway now Systemair's biggest market after Russia. Meanwhile, sales in the Eastern Europe and the Commonwealth of Independent States (CIS) had grown thanks to the commercial property construction sector.

In Western Europe eight per cent of its 21 per cent rise in sales was due to the purchase of Spanish Koolclima.

The year end report said overall net sales were up 16 per cent to £224.24 million, operating profit was up £11.2mill to £33.9mill.