Danish smart-metering specialist Kamstrup claims to have grown its share of the global market in 2013 while reporting an increase in sales.
The company did not reveal details of its market share but said its revenues grew by 3% last year, to €173 million ($238 million), with earnings after tax coming in at €20 million.
Kamstrup (Skanderborg, Denmark) described market conditions as “competitive and stagnant” but said its financial position remained “advantageous”.
That was despite an increase in R&D investments between 2012 and 2013.
Indeed, the company has received a credit rating of AAA for the third year in a row and says its equity of €56 million will allow it to continue investing in the market, including spending on product development and production equipment.
Kamstrup actually attributes its positive performance in 2013 to its track record of investing.
“Our efforts in product development have lead to a number of successful product launches and this is evident in our annual results,” said Henrik Rom, Kamstrup’s chief financial officer. “Furthermore, we have strengthened our competitiveness through upgraded product functionality and streamlined production costs.”
Kamstrup says more than 80% of its sales are now generated outside Denmark, and international growth spurred the company to open offices in the US, Chile and Austria in 2013.
It also expects to continue growing its share of a number of new markets in 2014, and says this will have a positive effect on sales.
“We do expect a growth in 2014 and a we have good reason to expect a higher profit too,” said Rom.