Kardex Holding AG Reports Strong Financial Results for 2023

Kardex Holding AG announced its financial results for 2023, highlighting a sustained high demand for intralogistics solutions and significant efficiency improvements across its operations. Despite some project delays, the company reported a notable increase in net revenues and profitability, achieving financial targets at the high end of expectations.

The demand for intralogistics continued to be robust due to the improvement in supply chain efficiency, particularly within Kardex Remstar, leading to higher net revenues and profitability. Kardex Remstar's bookings increased slightly, reaching EUR 527.6 million, with positive developments in procurement conditions and production output contributing to revenue growth. On the other hand, Kardex Mlog faced challenges with reduced bookings but still reported revenue growth and a solid year-end order backlog.

In addition to its core business segments, Kardex's AutoStore business experienced rapid growth and maintained profitability. The company also reported positive free cash flow and a significant increase in Return on Invested Capital (ROIC). A change in group management was announced, with Jens Hardenacke taking over as CEO. The Board of Directors proposed a dividend increase for the Annual General Meeting.

Looking ahead, Kardex remains optimistic about the future, anticipating continued growth in demand for intralogistics solutions. The company is well-positioned to capitalize on global megatrends and expects to maintain development inline with its financial targets.