Danish Polytech doubled 2020 result primarily thanks to good market conditions in China 

CEO of Polytech Mads Kirkegaard can present an annual result for 2020, which is twice as large as the result for 2019. (Photo: Christer Holte / PolyTech).

Favorable conditions for the installation of wind turbines in China primarily made 2020 a busy year for the wind turbine supplier Polytech and the company can present an annual result which is twice a big as the result for 2019.

The company designs and produces solutions that extend the life of the turbine blades and optimize their performance, and they do it so well that the company in 2020 achieved a profit of 30 million euros.

According to CEO Mads Kirkegaard, the result is very positive, especially because it is a doubling of the annual result from 2019, but also because Polytech has managed to expand its staff from 500 to 850 employees, of which 200 of the new employees are affiliated with the company’s headquarters and factories in Bramming, Denmark.

To media JydskeVestkysten, Mads Kirkegaard explains how various foreign support schemes in 2020 helped to generate business in parts of the wind industry. “We specialize in solutions and technology in several niche areas used across the wind turbine industry, including lighting systems, sensor technology, and leading-edge protection. So when there are favorable conditions for establishing onshore and offshore wind turbines in our key markets such as China and the USA, it naturally benefits our business,” he says.

However, Mads Kirkegaard predicts that there is no prospect of another year of rapid growth. “We are currently seeing several factors that could slow down the global wind market. Among other things, some of the support schemes in China and the USA are being phased out, and there are also prospects for higher raw material prices. The copper price, for example, is currently at a record high compared to its low point in March 2020” he explains.

The expectation for the rest of 2021 is that Polytech will be consolidating the business on top of a hectic 2020, so the company is ready to seize future growth opportunities in the market.

Strategically, Polytech continues to expand its global presence in markets such as China where Ploytech’s existing factory has been expanded and a new test center is on the way. Several new jobs will also be created locally in Denmark and Polytech will move into new buildings at the end of 2021 that fits the company’s expanding departments within production, administration, and development.

“Both new and experienced employees must be credited with a large part of the credit for our continued success, and it is great that we can continue to maintain good profitability, even though we are expanding sharply,” Mads Kirkegaard says.

 

About Mette Larsen

ScandAsia Journalist • Scandinavian Publishing Co., Ltd. • Thailand

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