Dr. Peter Selders, previously Managing Director of the Product Center for Level and Pressure Measurement Technology, took over as CEO of the Group at the beginning of the year. Matthias Altendorf moved to the Board of Directors as Chairman. "Our common goal is to set Endress+Hauser up well for future generations," emphasized Altendorf, and Selders explained that he would continue to develop the family business with a "long-term approach to thinking and acting".

Dr. Peter Selders, new CEO of Endress+Hauser (left), and Matthias Altendorf, who joined the Board of Directors as Chairman.

© Endress+Hauser

Endress+Hauser started 2023 with a record-high order backlog, while economic momentum slowed noticeably in the second half of the year. Nevertheless, business developed better than expected. "Our organic growth was so strong that neither the negative currency effects nor the loss of our Russian business slowed us down too much," reported Altendorf. The Group's net sales rose by 11% to 3.719 billion euros in 2023. "Exchange rate effects cost us 3.9% growth," explained CFO Dr. Luc Schultheiss. All sectors and regions contributed to the positive development. Business in Europe and America grew at an above-average rate. The greatest momentum was seen in the Middle East. The USA replaced China as the market with the highest sales, followed - at some distance - by Germany.

All core industries recorded good growth, with only the chemical industry in Europe performing weakly against the backdrop of high energy prices. Endress+Hauser delivered more than 2.9 million sensors and systems worldwide in 2023. While the process measurement technology business developed strongly, laboratory measurement technology continued to suffer from the end of the pandemic-related surge in demand. The sensor business, which also includes cyclical sectors such as building technology, also declined.

As the cost of materials and personnel expenses grew more slowly than sales, the operating result increased by 20.3% to EUR 573 million. The return on sales improved by 0.6 points to 14.4% despite higher costs for interest and foreign currency hedging. Profit after tax rose by 14.5% to 408.7 million euros.

The Group invested 260.6 million euros in buildings and equipment last year, an increase of 8.4%. In five years, 1.131 billion euros have been invested in improved infrastructure and high-performance networks from the company's own funds. Projects worth 570 million euros are currently planned. The largest projects relate to the sites in Maulburg (Germany), Suzhou (China), Jena (Germany), Shanghai (China), Greenwood (Indiana/USA) and Waldheim (Germany).

The Group spent around 7.2% of turnover - €267.6 million - on research and development, 10.4% more than in 2022. At the end of 2023, the Group had 16,532 employees, 715 more than a year ago. New jobs were added in production in particular.

The CEO was cautiously optimistic about the current year. "Incoming orders and net sales have developed more positively than expected in the first three months. But the growth is not yet broad-based," reported Peter Selders. After years of double-digit rates, the company boss expects a single-digit increase. The company plans to cut 300 jobs worldwide.