Austrian firm Andritz's revenue soars 28.5% in Q1 FY23

The company’s order intake was €2,420.2 million in Q1 FY23, representing a 6.5 per cent decline compared to €2,588.6 million in the previous year's reference period, which included two large-scale orders. The company’s metals business area saw a significant increase in order intake compared to the previous year, Andritz said in a press release.

Despite the decline in order intake, Andritz's order backlog in Q1 FY23 increased to €10,407.8 million as of March 31, 2023, compared to €9,976.5 million as of December 31, 2022.

Furthermore, Andritz's operating result (EBITA) also increased in line with revenue and reached a very favourable level of €158.5 million in Q1 FY23, representing a 29.6 per cent increase compared to the same period in the previous year. The group's profitability, as measured by the EBITA margin, increased slightly to 8.1 per cent compared to 8.0 per cent in the first quarter of FY22.

Andritz's net income (without non-controlling interests) also increased significantly to €104.5 million in the first quarter of FY23 compared to €71.5 million in the same period in the previous year.

CEO Joachim Schonbeck, said: “Andritz showed exceptionally strong growth and resilience during the first quarter in the face of a weakening economy, rising interest rates, and turbulence in the banking sector. Our broad portfolio of available future technologies for the transformation of our customers' production processes toward sustainability provides a stable foundation for the further expansion of our global market position.

“We are seeing continued brisk project activity in all our business areas and continued lively investment interest from our customers. In this context, we are confident that our new products, such as plants for CO2 capture, for the production of green hydrogen and for battery production, will make a particular contribution to growth.”

Chief financial officer Norbert Nettesheim said: “In particular, the strong increase in our operating result is encouraging and shows that Andritz continues to grow profitably. The continued improvement in profitability in the metals business area with the Schuler Group is particularly positive.

“Following the successful first quarter, Andritz confirms its previously published outlook for the full year 2023. Both revenue and earnings for the full year are expected to be above the level of 2022.”

Fibre2Fashion News Desk (DP)