Hempel has reported net income of 55 million euro on revenues of 1.4 billion euro for the year ended Dec. 31, 2017, compared to net income of 47 million euro on revenues of 1.4 billion euro for 2016, and net income of 108 million euro on revenues of 1.6 billion euro for 2015.

The company described the result as satisfactory and said it is continuing to work to transform itself into a leading global coatings company.

The EBITDA margin was 12.4 percent in 2017, compared to 13.2 percent for 2016 and 14.1 percent for 2015.

Hempel also stated that as of year’s end it was virtually debt free.

According to a prepared statement, Hempel expects the global marine coatings market to continue to be challenging in 2018, especially for the newbuilding segment where it said global overcapacity is adding to the already negative trends in the industry.

Despite this, Hempel expects a positive organic growth across most segments and geographies, and it is prepared to acquire new companies, taking what it said would be a leadership position in the consolidation of the global coatings industry.