FLSmidth forecasts 'significant growth potential'

Danish company reacts to positive Q3 results
FLSmidth forecasts 'significant growth potential' FLSmidth forecasts 'significant growth potential' FLSmidth forecasts 'significant growth potential' FLSmidth forecasts 'significant growth potential' FLSmidth forecasts 'significant growth potential'

Danish company reacts to positive Q3 results

Denmark-based mining equipment supplier FLSmidth believes revenue from its mining segment to grow by a "high-single-digit" amount for 2021 following a jump of 21% year-on-year (YoY) in Q3 2021.

The company's latest financial results said it made DKK 4.6 billion ($710 million) in revenue in Q3. Its order intake increased by 14% YoY in Q3 to DKK 4.5 billion ($690 million).

Thomas Schulz, chief executive officer of FLSmidth, said service orders in the mining industry "continue to gather pace" as lockdown restrictions ease in many countries.

The news comes following the announcement that Schulz will step down as chief executive officer by the end of 2021.

The company said Schulz had transformed it from a predominantly capital project organisation to one with a far more prominent focus on service and aftermarket, with a much stronger local presence and closer proximity to customers.

Mikko Keto, the company's current president of mining and member of the Group Executive Management, will replace Schulz as chief executive officer from 1 January 2022.

Vagn Sørensen, chairman of FLSmidth, said Ketto would help the company meet the "significant growth potential" in the mining industry and achieve its sustainability targets.

"Mikko's experience, including his leadership skills, comprehensive industry insight, and proven track record in driving business initiatives that deliver profitability will be a competitive advantage for FLSmidth," Sørensen explained.

"I have strong confidence in his ability to deliver a very successful and profitable FLSmidth going forward and unfold the full potential of MissionZero."