Grundfos achieves satisfactory financial performance despite COVID-19 pandemic

Tuesday, 1 September 2020 00:49 - - {{hitsCtrl.values.hits}}

Provider of solutions to the world’s water and climate challenges Grundfos has achieved satisfactory financial results in the first half of 2020 despite challenges arising from the COVID-19 pandemic.

“The pandemic has had a significant impact on markets globally in the first half of 2020. Grundfos has seen lower activity in all markets globally. However, there are positive trends emerging in important market areas such as China, the US and a number of countries in Western Europe,” the Company said.

“In light of the global crisis, we are satisfied with our financial performance. We and most of our customers are impacted by COVID-19. Our main priority is the health and well-being of our employees and partners, and ensuring our ability to supply our customers,” Grundfos Group President and CEO Mads Nipper said.

“Our colleagues across the globe have done a fantastic job under difficult circumstances. I am very pleased to see the dedication to keep our business running and in ensuring our customers are supplied with the water solutions they need. I am particularly proud to see many cases of fast and effective supply of critical equipment to emergency hospitals and other places where our products and solutions have been essential,” he added.

The Company said persistent uncertainty in all markets influence the business outlook for the second half of 2020 and for the full-year outlook. Grundfos expects the global markets to remain negatively affected by COVID-19, and expects a full-year decline in sales compared to 2019.

“The COVID-19 pandemic and following crisis are impacting us and will continue to do so. We have managed to stay agile, disciplined and diligent in all areas of our business to navigate through these challenging times and we will continue our efforts and diligently work to ensure that our business remains sound,” Nipper added.