Egger Group has revealed it closed the 2023/2024 financial year, which it described as 'turbulent' and 'challenging', with a group-wide turnover of 4.13billion Euros, 7.1% down on last year's figures. Pre-tax proftis amounted to 493.6million Euros (-18.1 % compared to the previous year).
The figures were revealed at the group's annual press conference at its Austrian HQ in St Johann in Tirol. Speaking at the event, Egger Group's CFO Thomas Leissing, said: “We are not entirely satisfied with the results. At the same time, we are proud that we have been holding our own in this very difficult environment.
"We are clearly focused on the future and are delighted to have been able to initiate far-reaching strategic developments. Thanks to our very solid financial basis and long-term strategy, even considering the fragile market situation, we are taking steps towards growth, and are growing despite the market situation.”
In the 2023/2024 financial year, Egger Group produced 10.4million m³ of wood-based materials and timber (previous year: 9.6million m³). It said the effects of the overall economic slowdown were felt to slightly differing degrees in the individual product areas.
“People in the vast majority of our markets have to deal with high inflation, the higher cost of living and more difficult construction conditions. All of this has led to a low propensity to consume and significant decline in construction permits – and ultimately to a low demand for our products”, said Michael Egger Jr, chief sales officer for Egger Group.
The group is currently implementing investment projects that contribute to its climate protection commitment – achieving net zero by 2050. In November 2023, the group took over the chipboard plant in Markt Bibart, and now it officially has 22 production plants. To further strengthen its own market position in Asia, at the start of 2024, the group acquired a 25.1% share in the Thai wood-based material manufacturer Panel Plus.
Looking ahead, the group said it is 'very well positioned for this period of downturn. We have a solid financial basis, a long-term, sustainable strategy, successful partnerships with our customers and suppliers and, above all, the best employees. Our sincere thanks go to our more than 11,000 employees, whose daily commitment makes all the difference. Our global team also knows how to turn a crisis into an opportunity'.
Pictured from left to right: Egger Group's management team – CFO Thomas Leissing, chief supply chain officer Frank Bölling, chief sales officer Michael Egger Jr, and CTO Hannes Mitterweissacher.
