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Investing.com -- RENK Group, a German manufacturer of propulsion systems for both military and civilian equipment, has projected it will meet its 2024 guidance.
The company’s confidence stems from a significant surge in orders from the defense sector.
For the past year, RENK’s revenue climbed 23% to reach 1.1 billion euros ($1.15 billion), aligning with its financial predictions for 2024. This increase is compared with the revenue figures of 2023.
The company’s adjusted earnings before interest and taxes (EBIT) for the year amounted to 189 million euros, placing it at the higher end of its own narrowed guidance of between 175 million and 190 million euros. RENK Group has clarified that these reported figures are preliminary and unaudited.
Additionally, RENK Group’s order intake experienced a 13% increase, reaching 1.4 billion euros. This growth was primarily driven by the robust performance of its defense unit.
Looking ahead, the company’s board anticipates that this upward trend in growth and profitability will persist into fiscal 2025.
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