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Senvion revenue slumps 35%

German manufacturer blames 'typical seasonality' for Q1 2018 fall

Senvion revenue slumps 35% image

Senvion revenue fell to almost €256m in the first three months of the year, a 35% drop on the over €392m reported in 2017.

Onshore revenue was down 29% to €161.1m from more than €227.3m, mainly down to less business in Europe, the company said.

Offshore revenue in the quarter was zero, compared with over €90m in 2017, which included orders for the Nordsee 1 and Nordergrunde projects, it added.

The company's revenue from its service business increased to €85.2m, up from €72.6m in the first three months of last year. 

Senvion blamed “typical seasonality ... coupled with the back-end loaded nature of the installation schedule this year” for the drop in revenue.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were less than €1m in the first quarter of 2018, down from more than €21m in the same period of 2017.

The order intake was up 37% year-on-year, to €484m, driven by new business in Australia and India in particular, it said. Senvion's total order book stood at €5.2bn at the end of the period.

Senvion chief executive Jurgen Geissinger said: “The first quarter is typically a soft quarter in our sector. 

“However, we were able to show a very solid strong growth in order intake in the first three months of this year. It was our best first quarter in terms order intake since IPO.” 

Image: Senvion

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