29.03.2023

Strong sales for Wacker Neuson

German telehandler manufacturer Wacker Neuson has published its full year results for 2022.

Total revenues for the year improved 21 percent to €2.25 billion with increases across all regions, with European sales growing 16 percent to €1.71 billion driven by France and the UK, with strong improvements in the Nordic region. The Americas saw revenue growth of 40 percent to €459 million, while sales in the Asia Pacific region were 39 percent higher at €83.4 million.

Pre-tax profit for the period was three percent higher at €192.3 million, held back by rising costs and supply chain issues disrupting production, plus higher energy and interest costs. Net debt jumped from €14.2 million to €234.5 million as the company increased inventories in order to smooth the problems caused by supply chain problems and shortages.

In the fourth quarter sales jumped more than 28 percent to €611 million, while pre-tax profit edged up a little to €47.1 million. The company says that supply chain issues and shipping costs are now subsiding, while energy and people costs remain high.

Chief executive Karl Tragl said: "Against the backdrop of generally difficult conditions, we can be very satisfied with our business performance in 2022. A significant rise in inflation, driven by rising material prices, increasing personnel costs and rising energy costs, combined with ongoing problems in supply chains and the imponderables surrounding the Ukraine war have placed numerous obstacles in the way of our day-to-day business, which we have successfully overcome. Important strategic projects, such as the integration of the Enar Group, the significant expansion of our production capacities and a new factory construction in Serbia, were consistently driven forward by us in 2022 and secure the future viability and success of our group."

Vertikal Comment

Another good result in terms of sales, and although the margins and profitability ratios were squeezed the company maintained a decent profit and has low gearing in spite of the sharp rise in net debt. The business is well placed for another good year in 2023.