Senvion revenue fell to €466m in the first half of 2018, down by almost 44% from the €830m posted in 2017.
The company’s revenue from its service business increased to €163m, up from €157m in the first three months of last year.
The overall results were “mainly driven by the low installation activity” in the first six months “due to the back-end loaded installation schedule”, Senvion said.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €13m in the first quarter of 2018, down by 79% from €62m in the same period of 2017.
The company’s margin dropped to 2.9% in 2018 after 7.4% in 2017.
Senvion reported an onshore order intake growth of 26% in the first half of 2018, amounting to €797m, mainly driven by new business in India, Australia and Argentina.
Senvion acting chief executive Manav Sharma said: “In the short-term, the industry needs to adapt to the new pricing levels.
“We believe our advantage is in the ability to quickly adapt to the changing market realities. We have been highly successful in new markets, helping us build visibility of 20%-40% growth in revenues by 2019.”
Image: Senvion
Senvion revenue drops 44%
By EBS