Phoenix Mecano Reports Strong Financial Performance in 2023

Phoenix Mecano Group announced a profitable fiscal year for 2023, marking significant financial achievements including an increase in operating cash flow and reduction in net indebtedness. Despite divestiture influences, the group reported a 5.8% rise in organic, local-currency sales. The overall operating result improved by 15.8%, moving up to EUR 62.1 million from EUR 53.6 million in the previous year, pushing the operating margin to 7.9%.

The financial statement highlighted a robust equity ratio of 47.3% and a notable reduction in net indebtedness. Furthermore, improvements were led by the DewertOkin Technology Group division with notable sales growth particularly in the U.S. market. The Industrial Components and Enclosure Systems divisions experienced varied results influenced by global economic conditions and strategic divestments.

Looking into the first quarter of 2024, the company observed a general slowdown in industrial demand affecting sales in the Industrial Components and Enclosure Systems divisions, contrary to the growth in the DewertOkin division. Phoenix Mecano remains committed to reducing CO2 emissions and returns value to shareholders through stable dividends and a special dividend owing to strong liquidity.