GL Continues to Grow

Thursday, May 08, 2008

Germanischer Lloyd continues its growth strategy of previous years. The classification society presented its financial figures for 2007 and announced a turnover of 421.7 million Euros. This is a gain of 57.3 million Euros (+16 %) compared to 2006.
In the maritime sector, the good order situation of the previous year could be further improved. This business field achieved a turnover of 297.6 million Euros. Extension of the industrial sector was accomplished through both organic growth - especially in the business fields Oil & Gas and Wind Energy - and the acquisition of British Advantica Group (September 2007) as well as the Canadian companies Hélimax (October 2007) and PV Inspections (November 2007). The Industrial Services achieved a turnover of 124.1 million Euros. This part of the total company turnover shall be increased from currently 28 % to more than 40 %.
By 31 December 2007, a total of 4,436 people were employed at GL Group (including temporary employments). The previous year, the GL staff comprised 3,242 employees.
At the beginning of 2008, global economy and international trade have continued to grow despite more instable financial markets and indicators of an upcoming recession in the USA. Considerable growth of the GL Group is also expected for 2008 given the booming economic situation in the shipping industry worldwide, the high workload in the maritime sector and an ongoing strong demand for technical services in the industrial sector.