Danish electrical and HWS wholesaler reaches 1bn euro in revenue

A financial milestone measured in euro is now clearly within reach of the Danish electrical and HWS (heating, water and sanitation) wholesaler Solar.

Revenue rose once again in Q3 and, therefore, the Solar Group expects to pass approximately € 1bn, corresponding to approximately DKK 8bn, in revenue for 2006. For the same reason, the company again adjusts upwards its expectations for 2006.

"We are experiencing a positive development in which all our Northern European companies are growing. At the same time, construction activities remain at a high level and, naturally, this affects our earnings considerably," says Flemming H. Tomdrup who took up the position as CEO of the Solar Group in April 2006.

In the first three quarters of 2006, Solar's revenue increased by 17% compared with last year while earnings before tax increased by no less than 64%. All in all, this makes the Solar Group which is headquartered in Kolding, Denmark, expect a 2006 revenue of DKK 8bn (€ 1,065m) while earnings before tax are estimated at approximately DKK 460m (€ 61m). In Q3 alone, the group's six subsidiaries, including the Danish, traded for approximately DKK 1.9bn (€ 256.1m), resulting in earnings before tax of DKK 140m (€ 18.7m).

In a matter of very few years, Solar has grown from a strictly Danish company to an international business, and over the coming months, a strategy programme will be launched which will set the course of the group's development until 2010. Solar will, for example, focus its approach to the market, according to Flemming H. Tomdrup:

"Today, Solar serves both international groups and small electrician businesses and the key to maintaining and developing one's position in such a segmented market is to be able to segment one's service concept. One element of the strategy will be to get closer to the needs of the individual customer," says Flemming H. Tomdrup.

Further information:
CEO Flemming H. Tomdrup, Solar A/S, telephone no.: (+45) 76 30 42 00