The Renk Group was able to increase sales by nine percent last year to 926 million euros. At the same time, earnings rose by 3.9 percent to 150 million euros. With 1.3 billion euros in new orders, the order backlog rose to a record level of 4.6 billion euros.
“The strong order intake and sales growth of our segments in the past financial year reflect the high demand for our products and technological solutions,” explained Susanne Wiegand, CEO of RENK Group AG at the annual press conference.
The growth of the Renk Group is reflected in all three business areas. The Vehicle Mobility Solutions segment, which primarily produces transmissions for tracked and wheeled vehicles as well as suspensions, increased sales by 8.8 percent to 528 million euros. That's well over half of the group's turnover. However, the result fell by 6.2 percent to 106 million euros. New orders worth 798 million euros represent an increase of almost a third compared to the previous year, driven in particular by growth in North America, according to Renk.
“The high demand worldwide for a return to full equipment for the armed forces gives us tailwind and will continue to be a driver of our growth in the future,” said Wiegand.
In the Marine and Industry segment, sales grew by 7.3 percent to 296 million euros, with a result of 28 million euros. New orders worth 368 million euros were booked. The development is carried out by the Gearboxes for Industry division.
The Slide Bearings segment generated sales of 111 million euros, primarily from slide bearings, which is a good fifth more than in the previous year. The result rose slightly to 17 million euros. 121 million euros in new orders were recorded in the order book. The focus is on maritime horizontal bearings and bearings for electrical machines.
RENK Group AG expects further growth for the 2024 financial year and confirms its financial forecast. The company expects sales in the range of over one billion euros. The result is expected to be above 160 million euros. The medium-term goals (~ 10% organic sales growth with 19 – 20% margin) also remain unchanged. “We achieved our goals in a challenging year in 2023 and see ourselves well on the way to continuing our profitable growth in 2024,” said Christian Schulz, CFO of RENK Group AG.
Further measures were taken in the first quarter to leverage market potential that will arise, particularly in the defense sector, in the current financial year, writes Renk. The successful IPO of RENK Group AG on February 7th laid the foundation for further international growth. The company remains solidly positioned on both the equity and debt side.
Editorial staff / gwh
Related topics
Founding of Renk Australia Innovative propulsion technology for naval ships Michael Masur new managing director of RENK Magnet-Motor GmbH DAMEN Naval commissions MAN Energy Solutions to provide propulsion diesel engines for the new F126 frigates Susanne Wiegand becomes CEO of the RENK Group Budget Committee approves replacement purchases