28 Feb '17, 11am

Read @rechargenews: @LMWindPower 2016 financials soar ahead of @GErenewables takeover

Read @rechargenews: @LMWindPower 2016 financials soar ahead of @GErenewables takeover

Profits and revenue surged in 2016 at LM Group, the parent of LM Wind Power, ahead of the closing of the acquisition of the Danish wind rotor blade manufacturer by US industrial giant GE. LM, which makes blades for many of the world’s top wind-turbine suppliers, last year posted a 41.2% increase in revenue to €1.059bn ($1.121bn), mainly due to higher volumes, and the inclusion into its 2016 figures of Brazil, which previously was not consolidated, as well as a new plant in India. The company had 68% rise in earnings before interest, taxes, depreciation and amortisation (Ebitda) to €174.3m, while full-year net profit soared from €5.9m in 2015 to €51.7m on higher sales and better operational performance. GE last year unveiled a deal to buy-out the controlling stake in LM held by UK private-equity firm Doughty Hanson, in an acquisition with potentially significant consequence...

Full article: http://www.rechargenews.com/wind/1219208/lm-wind-2016-rev...

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