Cable company Nexans revenue from its high voltage and projects business unit increased almost 56% in the first quarter of 2020 to €192m, up from €134m in the same period of 2018.
Nexans said the increase was driven by cable production and laying activities without any disruption in the submarine high-voltage business and low activity in the first quarter of 2019.
The company said that the subsea HV work was supported by a €1.6bn backlog with “long-term visibility”.
It added that thanks to its geographical footprint, “cable production supported the business dynamic and faced no disruption due to confinement measures” resulting from the Covid-19 pandemic.
Overall, the company revenue for the first three months of the year was €1.587bn, down from €1.569bn last year.
The fall was the result of revenue drops in the buildings and territories, industry and solutions, and telecoms and data business units.
Nexans chief executive Christopher Guerin said: “Over the first quarter, the world witnessed an unprecedented outbreak.
“After a very strong start, Nexans adapted its operational model to anticipate and protect all our employees while maintaining business continuity and focusing on our top customers.
“Thanks to the anticipated health and safety measures and our employee engagement, 90% of our plants are running.
“Thanks to our solid fundamentals, self-help plan and sound liquidity, we are paving the way for a stronger Nexans both operationally and financially.”