RENK Group AG Reports Strong Start to 2024 with Continued Revenue Growth

RENK Group AG announced a strong increase in revenue for the first quarter of 2024, leading with a significant 22.5% rise to €238 million from €194 million in Q1 2023. This growth is largely attributed to heightened demands in the defense and aftermarket sectors.

Despite a decrease in order intake from €458 million in Q1 2023 to €208 million in the same period this year, the company’s overall order backlog remains robust at €4.7 billion. Adjusted EBIT has also seen a notable improvement, escalating by 45.6% to €28 million. This financial upturn is mirrored across all business segments, with particular success noted in the Vehicle Mobility Solutions and Marine & Industry segments.

CEO Susanne Wiegand noted the geopolitical tensions increasing demand for RENK's military technologies. The business maintains a positive outlook for 2024, expecting a revenue forecast between €1.0 billion and €1.1 billion and an adjusted EBIT margin of 16% to 18%.