Swiss firm Autoneum's revenue soars 34.8% in FY23

A key factor contributing to this financial uplift was the acquisition of Borgers Automotive, which immediately impacted earnings and value positively within its first year of integration. Notably, Business Group North America accomplished a remarkable turnaround. Adjusted EBIT for the year more than doubled to CHF 99.2 million, reaching an EBIT margin of 4.3 per cent and aligning with the upper end of the guidance. Furthermore, net profit for FY23 surged by CHF 50.2 million to CHF 61.1 million, the company said in a press release.

The revenue growth was not uniform across all business groups. Business group Europe saw a significant increase in revenue by 78.7 per cent in local currencies, demonstrating strong performance. Business group North America also reported a notable increase, with revenue up by 17.4 per cent in local currencies, underscoring the group’s turnaround success. Conversely, Business group Asia experienced a slight decline, with revenue decreasing by 0.9 per cent in local currencies. Business group South America, Middle East, and Africa (SAMEA), however, posted a solid revenue growth of 22.1 per cent in local currencies.

Fibre2Fashion News Desk (DP)