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Hansen Transmissions International NV (“Hansen”, “the Group” or “the Company”, LSE ticker ‘HSN’) has announced its results for the three months ending 31 March 2010 and for the 12 months ending 31 March 2010.
Highlights of the 2010 financial year include:
Alex De Ryck, CEO of Hansen commented: “At the core of Hansen’s strategy is our mission to reduce the kWh cost of renewable energy. We remain confident in the strong medium-term outlook for the global renewable energy market and although the past year has been challenging, we are beginning to see the first signs of recovery. We believe this trend will start to gain strength during the second half of the calendar year.
“We are in a strong position to benefit from the improving markets with well-invested state-of-the-art manufacturing capacity, an optimised supply chain and a restructured fixed cost base.
“Despite a careful focus on our cost base, we continue to innovate and diversify by adding important customers in strategically important regions. We are particularly pleased to announce the addition of Sinovel, a leading Chinese wind player.
“The past 12 months have been challenging for all Hansen’s stakeholders but I would especially like to thank our employees for their hard work and support in these uncertain times. We are cautiously optimistic and Hansen is well placed to take full advantage of the expected new growth phase in the renewable energy industry.”
Outlook
Since early 2009, the volatility and challenges affecting the short-term wind market have been reflected in Hansen’s financial results. This trend has continued and Hansen believes the operating environment will remain challenging.
While the order book has seen significant rescheduling, our ongoing dialogue with customers continues to suggest some optimism for improving industry investment from the second half of the 2010 calendar year.
Hansen expects the first quarter of the 2011 financial year to be in line with the last quarter of the 2010 financial year and revenue for the 2011 financial year to be back-end loaded. Against this backdrop, we expect to see revenue growth for the full 2011 financial year of around 5% to 10%, compared to the 2010 financial year.
Our expansion plans are phased and we remain both operationally and financially flexible in the continued execution of our growth strategy. From our strategy of profitable growth, we will continue to diversify our customer base and to carefully deploy capital to meet their capacity requirements.
Our confidence in the medium and longer-term fundamentals of the wind industry remains unchanged and we continue to be well positioned with a growing portfolio of major customers.
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