During the first six months of 2010, Solar A/S obtained revenue of just under DKK 5bn (€ 667.5m) and earnings before tax of DKK 62.5m (€ 8.4m).
In the past quarter, Solar saw a clear improvement of market conditions in most markets and obtained positive organic growth in a few markets.
- We feel that we have reached the lowest point of the crisis and that now we are on our way back up. We have overcome the worst point and expect that, in the second half of 2010, we will realise positive organic growth at group level – for the first time since the end of 2008, says CEO Flemming H. Tomdrup.
The Solar Group, which is based in Kolding, Denmark, is working strategically to gain the position as the leading technical wholesaler by expanding the product range and technical competence within electrical, heating, plumbing and ventilation products in the four main markets Denmark, the Netherlands, Sweden and Norway.
With the current acquisition of parts of the activities in Otra Danmark A/S, Solar follows up on one of its strategic focus areas, which is to create growth through acquisitions, which will further strengthen the market position. After a minor break, Solar initiates acquisitions once again, which most recently resulted in the acquisition of the Dutch plumbing wholesaler Vegro B.V. and the Polish electrical wholesaler Eltomont Sp. z o.o in 2008.
- We have centred on acquisitions since we obtained capital in connection with the capital increase in the autumn of 2009. Now we are seeing the first result of this, CEO Flemming H. Tomdrup points out.
Otra Danmark A/S operates as wholesaler within the product areas electrical installation material, lighting, security/alarms, telecommunications/datacommunications as well as cords and cables. The part of the business acquired by the Solar Group’s Danish subsidiary Solar Danmark A/S consists primarily of sales to electrical contractors. With the acquisition, Solar aims to strengthen earnings.
- It is important to be a significant player in our line of business. Volume consolidation with fewer suppliers is of crucial importance today, and a wide and deep product range combined with technical support is necessary because customers want all products from one place – and from the same wholesaler. We constantly attempt to meet these needs, explains CEO Flemming H. Tomdrup.
CEO Flemming H. Tomdrup, Solar, can be reached on mobile at +45 40 34 29 00 for further comments.
Corporate IR & Communications Manager Charlotte Risskov Kræfting, Solar, can be reached on mobile at +45 40 34 29 08.
Solar A/S (previously Aktieselskabet Nordisk Solar Compagni) was established in 1919 and listed on the Copenhagen Stock Exchange in 1953. Solar is one of Northern Europe’s leading technical wholesalers within electrical, heating, plumbing and ventilation products. The group, which is based in Kolding, Denmark, has subsidiaries operating under the Solar brand in Denmark incl. the Faroe Islands, Sweden, Norway, the Netherlands, Germany and Poland. Furthermore, Solar’s Aurora Group operates in Denmark, Sweden, Norway and Finland. Solar is Denmark’s forty-first largest company measured on revenue, and it employs a total of 3,000 people. Denmark remained the enterprise in which Solar has the most employees with 29% of staff, while the Netherlands is now our largest foreign subsidiary, representing 24% of staff. For more information, please visit www.solar.eu.
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