Recession, a greatly weakened buying mood, uncertainty – while more and more negative connotations creep into our daily lives, there is also good news. For example, Voestalpine is pleased that the 2022/23 financial year is going better than expected. Reason: The crisis comes later.
Due to an assumed “strong economic slowdown in the second half of the fiscal year”, voestalpine had forecast earnings before interest and taxes of around two billion euros for 2022/23. Now the steel and technology group operating from Linz (Upper Austria) has improved: profits at the end of the fiscal year will even be between 2.3 and 2.4 billion euros.
Why is that? The expected slowdown, ie the effects of the crisis, is coming, albeit later than expected. In addition, the broad positioning of voestalpine, which has companies and customers worldwide, and the fact that the group is also active in the most diverse branches, pays off. Activity in the fields of energy, rail infrastructure and aviation is expected to remain good. The sale of a plot of land in Germany is also flushing 120 million euros into the greenhouse.
Best result ever 2021/22
In the 2021/22 financial year, voestalpine achieved a turnover of 14.9 billion euros and an operating profit of 2.3 billion euros. The Upper Austrians celebrated the best result of all time.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
