Solid year for Wacker

German telehandler manufacturer Wacker Neuson has reported another strong year of revenue and profit growth.

Total revenues for the year improved 18 percent to €2.65 billion, with growth in both its key markets. European sales improved 18.3 percent to €2.02 billion, while sales in the Americas were 21.2 percent higher at €556.5 million. Compact equipment - which includes telehandlers - has now reached record levels and represents almost 62 percent of total revenues, while light equipment is now below 20 percent - parts and services making up the balance.

In terms of profit the company as a whole posted a pre-tax profit of €254.7 million, a jump of 42 percent on 2022. In Europe the operating profit increased 43.8 percent to €271.3 million. In the Americas operating profit more than doubled to €50.3 million.

Net debt increased 56 percent to €365.8 million.

Chief executive Karl Tragl said: “Fiscal 2023 began with dynamic growth, which increasingly gave way to downward trends across many sectors of the economy in the second half of the year. Once more, our global teams demonstrated that our experienced and motivated employees are able to achieve extraordinary results for Wacker Neuson in challenging times. And all of this against the backdrop of celebrations for our 175th anniversary. This solid foundation will also keep us on course with our Strategy 2030 in the long term. Even though the underlying economic conditions are very uncertain at the start of 2024, we feel well positioned. We will use this year to further improve structures and flexibility, increase efficiency and actively prepare the next stage of growth.

Vertikal Comment

Another record year for the company as it moves increasingly away from the smaller tools and equipment and more to the compact mobile machines. It still has a great deal of potential, being a marginal player in a number of the markets in which it operates - both product wise and geographically. If its telehandlers are anything to go by its products are first class with sales seeming to be driven by word of mouth, rather than any powerful marketing.

It is good to see product quality and support paying off.