Daikin Europe says that its strategy of investing in new technology and emerging markets has continued to deliver growth during 2013-14.

The company’s consolidated turnover was €1,902m for the 2013 financial 2013 (1 April 2013 to 31 March 2014), a 4% increase on the previous year, with profit growing by 17%.

Much of the growth was driven by emerging markets, particularly Turkey, which saw turnover rise by 17%. Increased activity in the hotel sector led to 50% growth in sales of the company’s VRV commercial climate control system. The positive result was also due to Daikin’s entry into the ‘volume zone’ air conditioning market, with the launch of a new entry-level domestic air conditioner range.

The rest of Europe saw moderate growth, as signs of a recovery started to emerge and this is expected to continue, as demonstrated by strong sales across the region in the final quarter of the 2013 financial year. Alongside Turkey, Daikin Central Europe turnover was up by 10%, while Sweden saw growth of 23%, mainly due to increased sales of Altherma heat pumps.

New products launched in the 2013 financial year included the Altherma hybrid heat pump, the VRV IV heat recovery system and the high-end Emura II domestic air conditioner, which won the 2014 red dot award for product design in the air conditioning category.

Daikin Europe is aiming to deliver sales of more than €2bn in the 2014 financial year, as economic conditions continue to improve. With a number of new product launches in the last 12 months, suitable for a wide range of domestic, commercial and industrial applications and customer budgets, the firm expects to see strong results in the year ahead.