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Swiss firm Autoneum's revenue soars 34.8% in FY23

15 Mar '24

2 min read

Pic: Autoneum

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Autoneum reported a 34.8 per cent revenue growth in FY23, reaching CHF 2.3 billion ($2.59 billion).
Adjusted EBIT more than doubled to CHF 99.2 million, with net profit increasing to CHF 61.1 million.
While the company's Europe and North America businesses saw significant revenue increases, Asia experienced a slight decline, and SAMEA showed strong growth.

Autoneum, a leading Switzerland-based firm in acoustic and thermal management solutions for vehicles, has reported a revenue growth of 34.8 per cent in local currencies in fiscal 2023 (FY23) compared to the previous year, bolstered by both inorganic growth and favourable market conditions. When converted to Swiss francs, this increase translated to a 27.6 per cent rise, culminating in a revenue of CHF 2.3 billion (approximately $2.59 billion).

A key factor contributing to this financial uplift was the acquisition of Borgers Automotive, which immediately impacted earnings and value positively within its first year of integration. Notably, Business Group North America accomplished a remarkable turnaround. Adjusted EBIT for the year more than doubled to CHF 99.2 million, reaching an EBIT margin of 4.3 per cent and aligning with the upper end of the guidance. Furthermore, net profit for FY23 surged by CHF 50.2 million to CHF 61.1 million, the company said in a press release.

The revenue growth was not uniform across all business groups. Business group Europe saw a significant increase in revenue by 78.7 per cent in local currencies, demonstrating strong performance. Business group North America also reported a notable increase, with revenue up by 17.4 per cent in local currencies, underscoring the group’s turnaround success. Conversely, Business group Asia experienced a slight decline, with revenue decreasing by 0.9 per cent in local currencies. Business group South America, Middle East, and Africa (SAMEA), however, posted a solid revenue growth of 22.1 per cent in local currencies.

Fibre2Fashion News Desk (DP)