Having recently secured a second major contract already this year, green energy manufacturer Stiebel Eltron UK is anticipating a 40% growth in turnover this year.
The company, which manufactures renewable energy products including solar photovoltaic panels and ground source heat pumps, has experienced a 20% growth in turnover in the first half of 2011 compared to the same period in 2010. Deals with trade tool supplier Toolstation in May and now another large-scale contract with UK merchant Underfloor Warehouse have helped increase the company’s turnover.
Based in Wirral, Stiebel Eltron UK had already reported an 18% turnover growth in 2010 after gaining more installer and supplier partners, coupled with strong sales. After the launch of the feed-in tariff (Fit) scheme in April 2010, the company experienced an increase in interest in its Tegreon solar panel systems and is looking forward to realising the full potential of the Government’s Renewable Heat Incentive (RHI).
“These are very good figures, and we have continued to expand thanks to hard work and a robust growth strategy,” said Mark McManus, the managing director of Stiebel Eltron UK.
“We are pleased with our performance, especially against a backdrop of economic uncertainty, and the business is still aiming to reach a target of 40% turnover increase by the end of the year,” he added.