Underlying this strong performance is an increase in market share attributable to investments in technology and new products. For example, sales of Martin's LED products continue to show dramatic growth and now account for 15% of monthly revenue. Despite only being launched earlier this year, Martin's LED product line is forecast to generate revenue of nearly $20m in 2007.
A number of prominent projects have also made a notable contribution to the profit levels (which, prior to tax, increased to $13.4m in the first nine months of 2007, compared to $0.5m for the same period last year), including the delivery of more than 1200 outdoor luminaires to the Grand Mosque, Abu Dhabi.
"The positive results thus far in 2007 are testimony to the new initiatives we implemented throughout 2006 - a more customer-focused/application-driven business, improved supply capacity, new product development process and heightened quality standard," Christian Engsted, Martin Professional A/S' president and CEO, told II. "A reduction in fixed costs and general good health of the market has also driven the numbers. A high demand for our new LED products is extremely satisfying and bodes well for the future. Some of our most innovative products will launch in the next few months, which gives us confidence that the positive trend will continue."
Accordingly, Martin's revenue expectation for 2007 remains unchanged at approximately $230m, while profit before tax is now expected to rise to around $16m - an increase of $3m on the previous forecast.