German multinational technology company Voith Group has reported a sales surge of 13 per cent in fiscal 2023 (FY23), reaching an impressive €5.51 billion. The orders received by the group soared to €6.14 billion, surpassing expectations with a 19 per cent increase compared to the previous fiscal year.

The orders on hand for Voith reached a new all-time high, totaling €7.22 billion, the company said in a press release.

The operating result (EBIT) stood at €245 million, contributing to an improved return on sales, which increased to 4.4 per cent from the previous year's 4.1 per cent. The return on capital employed (ROCE) also saw a notable rise, reaching 12.1 per cent, up from the previous year's 10.5 per cent.

In addition to these achievements, the company’s net income rose to €73 million. This increase is particularly noteworthy given the challenging economic context marked by higher interest rates and the resultant increase in financing costs.

For FY24, Voith expects a stable development in its key performance indicators. In particular, profitability shall further improve. With regard to EBIT, the company assumes a slight increase. Likewise, growth in the return on capital employed (ROCE) is planned. The level of orders received and group sales below the high figures seen in the reporting year is anticipated.

“In the past fiscal, Voith has once again proven its resilience. Despite a challenging economic environment, we continued to generate profitable growth and increased cash flow. The clear focus on sustainable technologies is paying off,” said Dr Toralf Haag, CEO of Voith.