German renewables developer Juwi Group returned to profit in 2015 after two years of losses and said it expects an improvement in both its top and bottom lines this year.
The company today said it made a profit of EUR 2.3 million (USD 2.6m) last year, compared to a EUR-112-million loss in 2014. Revenue grew about 15% to EUR 575 million.
Juwi attributed the turnaround mainly to two factors. One is its strategic realignment, focusing on onshore wind development, predominantly in Germany, and solar development and engineering, procurement and construction (EPC), mostly in international markets. The other is its strengthened financial foundation following the acquisition of a 63% stake in the company by utility MVV Energie AG at the end of 2014.
"Following the discontinuation of a large number of loss-making activities, our concentration on our core business areas has now paid off," said founder Fred Jung. The developer has also beefed up its commercial and technical management activities for wind and solar operators.
The company noted that the solar business outside Europe saw positive developments last year and that it implemented projects especially in the US, Australia, South East Asia, Japan and South Africa.
Set up in 1996, Juwi now employs about 1,000 people worldwide.
(EUR 1.0 = USD 1.112)
Choose your newsletter by Renewables Now. Join for free!