Global smart metering solutions provider Kamstrup announced the release of its financial year end report for February 2016.The company's 2015-2016 year turnover reached EUR204m (US$231.7m) with a pre-tax profit of EUR27m (US$30.6m)
At its financial year end in February last year, the Danish metering solutions provider recorded an annual turnover of EUR186m (US$211.4m).
Kamstrup said the growth in turnover was a result of its increased investments in product developments and selection of its smart metering solutions by global utilities.
Smart water meters
According to Kamstrup, the company gained market share in a number of key sectors with the largest growth being attributed to the sale of smart water metering solutions.
The firm reportedly grew by 13% in the last year and plans to employ an additional 100 staff..
[quote] In early February, the Danish smart meter solutions provider secured an order for smart water meters in Iran.
In a statement, Kamstrup said it will provide 6,000 units of its MULTICAL 21 smart water meters.
The deal came less than two weeks after the EU lifted sanctions against the Middle Eastern nation.
Kamstrup said the smart water meter is equipped with radio technology, wireless data communication and sensitive leak detectors allowing quick detection of even the slightest amount of water.
The contract is Kamstrup’s first in Iran and falls under rallying towards improving the country’s water and renewable energy sectors by Danish companies.
The company said it was part of a Danish delegation led by Danish Foreign Minister Kristian Jensen that met with Iranian Energy Minister Hamid Chitchian in Tehran to discuss the solutions Danish companies could provide.
Smart electric and gas meters
In other Kamstrup metering news, the firm highlighted that its largest order since it started operating was last year's contract with DONG Energy for provision of 1m smart electricity meters across Copenhagen, Denmark.
However, the company said that its pre-tax profit is lower than in 2014 due to the sale of the company’s Dutch gas division that year.