French cable company Nexans saw earnings rise to €411m in 2017, up from €375m in 2016, boosted by a 45% increase in sales in the company’s submarine high-voltage business.
The company said its order book, which includes providing export wires for ScottishPower Renewables’ 714MW East Anglia 1 offshore wind farm and HVDC cables for TenneT’s Dolwin6 link, guaranteed a high level of sales over the next two years.
It added that a trio of investments will also help support the growth of its subsea cable business.
A recent upgrade to its US Goose Creek manufacturing facility and a newly opened DC laboratory in France will boost the outfit’s manufacturing potential.
Meanwhile, an under-construction cable lay vessel will boost Nexans’ installation capacity, when it is delivered in 2020, the company said.
“Our 2017 results are in line with our forecasts,” said chief executive Arnaud Poupart-Lafarge, adding that the result had been achieved “despite the negative impact of the oil crisis”.
Image: Nexans
Nexans thrives on subsea charge
By EBS