The most recent annual report from Danish turbine tower manufacturer Welcon seems almost illogical. In a time when the global wind industry is characterized by two interrelated tendencies — high activity and heavy price pressure – it would seem intuitive to think revenue would be high while earnings were low. Not least for a supplier, which is highly dependent on steel, a commodity that has experienced soaring prices during the fiscal year.
However, quite the opposite is true. In 2017/2018 revenue thus declined 28 percent from the preceding year to DKK 434 million (EUR 58 million) – but the cost of steel and other raw materials declined by 57 percent, while the bottom line charged forward by 18 percent to just short of EUR 41 million after tax. That is the best result ever.
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