VEJLE, DENMARK – GPV reported third quarter revenue of DKK 836 million (US$132.6 million), up 13% year-over-year.

EBITDA was DKK 84 million, an increase of 50% compared to the same quarter last year.

“As stated in our second quarter reporting three months ago, we made it well through the first half despite the global coronavirus pandemic. However, we did not expect the third quarter to turn out as well as it has. We have experienced both increasing and decreasing demand within our different customer segments, but overall we have managed to lift revenue by 13% and earnings by 50%. Given the circumstances, we are satisfied with the results, said CEO Bo Lybaek.

Growth is attributed to a three-figure million order from a ventilator manufacturer.

“Skills, dedicated work, as well as a bit of luck have been factors in getting and delivering the order relatively fast. It is an order, however, which is a result of the coronavirus crisis and an unusual demand for ventilators. Therefore, we do not expect similar orders in the future.

“From my perspective, we got the order due to our good reputation with the customer and in the industry where we excel in high-mix/low-medium volume production. In other words, we are more agile than the largest companies in the industry, while at the same time having greater capacity than the small- or medium-sized companies who are not able to lift an order of this size so quickly.”

MedTech is growing, while Transport is declining. In the Instruments & Industry segment, GPV’s largest business, as well as Cleantech, some customers are doing well, and others aren’t.

GPV rolled out a global competition to identify projects that can boost automation and productivity, with 31 project proposals handed in. Nineteen of them will be implemented at various GPV sites.

“It is still essential for us to shake hands with our customers in key situations, and limited possibilities for physical meetings can potentially slow down our company’s development. We want to fight this. We need to make the best of a challenging situation and offer a better online experience than our competitors. We are all subject to the same conditions, and therefore we must continue to be the most agile and best at service excellence in our field.”

GPV raised its 2020 guidance, with revenue now expected to be at the same level as 2019: DKK 2.8 to 2.9 billion. EBITDA is expected to be within the DKK 230 to 250 million range.

GPV expects revenue and earnings in the first half of 2021 at the same level as the first half of 2020.

Ed.: DKK 1 = US$0.16