The growth of the company has been so massive that is has been necessary to move to a bigger location. We expect to double our turnover in 2011.

 
CEO Peter Overgaard – in front of new office.

Aalborg Engineering continues the positive line from last year. The financial result for 2010 turned out to be 7.2 million DKK after tax which is only a minor deviation from the record result in 2009. Looking over the last two years the company has been able to realize more than 15 million DKK after tax. Our expectations have been fully met and we consider the result very satisfying.

“Within the next two or three years our strategy is to double up our turnover to around 400 million DKK, but we will achieve this already in 2011” says a very satisfied CEO Peter Overgaard. “It is therefore also our expectations that we next year will end up with a profit close to 15 million DKK after tax”.

At the moment incoming orders are increasing and we will soon achieve half a billion DKK. Therefore we have hired many new employees within the last months. We know that this kind of growth has a huge impact on our organization and therefore our focus lies on developing the organization so that we will not choke on our own success.

“We might be forced to postpone delivery time or even turn down orders of boiler plants” Peter Overgaard underlines “as we refuse to fall into the growth trap, we want to control our growth by developing our organization and our income in the right pace” Peter Overgaard ends.

The reason for our financial growth has to be found in our newly developed SG10 product, a new high efficient steam producing heat recovering plant, which transforms waste heat to electricity. This kind of order is typically priced at 200 million DKK; with our present capacity we will only be able to execute such an order every second year.

The possibilities for new orders are very promising as many large energy consuming companies focus on both energy optimizations as well as the environment. Our product is highly optimized which gives us an advantage compared to our competitors. Based on that it will be obvious to invest in our technology in order to convert waste heat to electricity and at the same time reduce the CO2 outlet.

We are about to install our first SG10 plant near Tromsø in Norway. Thursday 24th of March the Prime Minister of Norway Mr. Jens Stoltenberg cut the first sod for the new plant. The plant is an essential reference to us - a kind of a “proven technology”.
Unfortunately it will be a couple of years before we will reach this point. The plant will be delivered ultimo 2012. “We have been working on the design for a while however our work on site will not begin until October 2011. Our turnover increases with 100 million DKK in 2011 and in 2012” Peter Overgaard informs.

For further information please contact CEO Peter Overgaard - 2968 2259 (mobile)