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Joep van Beurden: 'We had a good , as growth related to our existing project pipeline and more favourable market conditions enhanced the positive effect.Q2 and HY results 2023
Joep van Beurden, Kendrion CEO:
“We achieved a solid first half year, despite deteriorating market conditions. Our revenue increased by 7% compared to the first half of 2022 and we protected our profitability despite inflation-induced pressure on our added value margin, especially in Automotive.
Over the course of the first half of 2023, economic activity within the Industrial business segments slowed down, particularly in Germany and China. The anticipated COVID rebound in China did not materialize and the German economy experienced three quarters of stagnation, leading to manufacturing slowing down to levels reminiscent of the pandemic period.
View Joep Van Beurden's email address (joe************@) and phone number profile as Chief Executive Officer at Kendrion NV, located in Zeist.
In this context, Industrial Brakes, primarily exposed to industrial activity in Germany and China, managed to achieve revenue on par with the previous year. Industrial Actuators and Controls, with more diversified activities, grew by 6%.
In Automotive, the volatility in order patterns subsided.
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