The Hempel Group has reported net income of 34.6 million euro on revenues of 1.2 billion euro for 2012, compared to net income of 34.8 million euro on revenues of 1.1 billion euro for 2011.

Hempel said it was able to grow its revenues by 15 percent year-over-year despite facing a challenging world market, and net income stayed flat. The revenue increase was attributed to growth in new markets, including Eastern Europe, and new products.

Going forward, Hempel’s strategy is to grow through new products, acquisitions and development of new markets.

Recent releases include a range of low-solvent antifouling products that enable shipowners to reduce fuel bills and meet increasingly tough environmental legislation, according to a statement.