Stiebel Eltron forecasts 40 per cent growth in 2011

Stiebel Eltron, which manufactures renewable energy products such as solar panels, ground source heat pumps and central heating and hot water systems, has just landed a £300,000 contract with trade tool supplier Toolstation. In May, Stiebel Eltron entered into another large-scale contract with UK merchant Underfloor Warehouse.

These deals have helped the company grow turnover by 20 per cent in the first half of 2011, compared to the same period last year, the company announced yesterday. The business had already reported an 18 per cent turnover growth in 2010 after seeing strong sales and gaining more installer and supplier partners.

"These are very good figures, and we have continued to expand thanks to hard work and a robust growth strategy," Mark McManus, managing director of Stiebel Eltron UK said. "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 per cent turnover increase by the end of the year."

The company, which employs 14 full-time staff, has experienced increased interest in its Tegreon solar panel systems after the implementation of the Feed-in Tariff (FiT), McManus said. According to the company, it looks forward to realising the potential of the Government’s Renewable Heat Incentive, though dates for the programme must be finalised.

"We are introducing further new products into the UK which will allow property owners to save more energy and money on fuel bills, and we are looking forward to a strong second half to the year," McManus said.