Kamstrup, a global provider of intelligent metering solutions for energy and water, has posted record-breaking revenue for the ninth year in a row with turnover of 2.4 billion DKK (EUR 320 million) in 2018. The pre-tax profit for 2018 was 297 million DKK (EUR 40 million).
The result further solidifies Kamstrup’s position as one of the front-runners in the digitalisation of water and energy distribution networks around the world, according to Kamstrup CEO Kim Lehmann.
“Kamstrup’s continued growth is testament to our unrelenting quest to help utilities with more efficient ways to secure clean water and energy to a maximum number of people. By continuing to find smarter ways to use data, we’re adding tangible value to our customers’ businesses – helping them to reap the rewards by saving time, resources and money,” says Lehmann.
Growth fueled by large-scale projects
Both the heat/cooling and water business units experienced market-share growth in 2018, but it was electricity business that grew the most fueled by large projects, such as Agder Energi in Norway and Radius in Denmark. The latter of which saw around 700,000 meters installed by the end of 2018, with expectations of that number reaching one million by the end of this year.
Another step forward in the digitalization of energy networks is the latest large-scale project with ESB Networks in Ireland. In a joint win, Kamstrup and Siemens won a contract to supply a smart metering solution including 250,000 electricity meters, a remote reading system and a data management system.
Continued technological investments
Staying true to Kamstrup’s DNA, the company continued to invest in expansion and new product development in 2018 and hired close to 200 new employees. Kamstrup has also launched several new analytics tools across industries in the last year, developed together with Danish utilities who have shown great interest in the possibilities to better locate leakages, heat loss, instability and overload in the network.
Kamstrup expects to continue its very high level of investments in innovative technological development.
2018 also saw Kamstrup continue its global expansion by opening new sales offices in Canada and Italy and expects to increase the number of new offices in the future.
“With the results we see in countries like Denmark, the potential to create impact through digitalisation is great. Thus, we will invest heavily in expansion into markets where we see potential and that will represent a significant part of our expected growth over the next 10 years,” says Lehmann.
“The United Nation’s Sustainable Development goals 6 and 7 seek to ensure clean water and sanitation as well as affordable and clean energy. In partnership with the utilities, we believe that we can make real advancements through digitalising the distribution networks. With data and technology, the utilities are able to reduce waste and better utilise water and energy resources to the benefit of their business and the global communities,” he continues.
He adds that Kamstrup strides towards a tenth consecutive year of record revenue in 2019.