RENK Group AG Reports Strong Financial Performance in Fiscal Year 2023

RENK Group AG has disclosed its financial results for the fiscal year 2023, showcasing substantial growth across key financial metrics, including revenue, order intake, EBIT, and a historic order backlog. The company reported a revenue increase to 926 million euros, up from 849 million euros in 2022, marking a 9.0% year-on-year growth. Its order intake reached a new peak at nearly 1.3 billion euros, compared to 987 million euros in the previous year, while the order backlog soared to a record high of 4.6 billion euros. Earnings before interest and taxes (EBIT) also grew, reaching 150 million euros, up from 144 million euros in 2022.

RENK Group AG, specializing in drive solutions for both military and civilian sectors, attributes this profitable growth trajectory to robust demand across its product segments and sustained interest in high-level equipping of armed forces worldwide. The report highlights impressive gains in its Vehicle Mobility Solutions, Marine & Industry, and Slide Bearings segments, with performance indicators such as order intake, revenue, and profitability all on the rise.

Moreover, the company has laid out optimistic forecasts for the fiscal year 2024, expecting continued revenue growth and improved EBIT margins. This outlook is supported by strategic expansions of the management board and advancements in production capabilities. Notably, RENK Group AG's successful stock exchange listing in February 2024 and subsequent credit rating upgrade by Moody's have also bolstered its financial foundation, set to fuel further international growth.