Defense industry
Tank supplier Renk’s order backlog is at a record high
With the Russian war of aggression against Ukraine, the demand for defense goods has increased. The tax authorities also benefit from this.
The tank gear manufacturer Renk increased its sales by 19 percent to 778 million euros in the first nine months. The maintenance business and the marine division are also benefiting from the increasing demand, Renk announced in Augsburg on Wednesday. The order backlog rose to a record value of 4.8 billion euros. However, profits fell from 18.9 to 7.0 million euros due to significantly higher taxes.
CEO Susanne Wiegand said: “With the third quarter, we further consolidated our position in a growing market and set the course for strong annual results.” She confirmed the targets for the full year that were raised in the summer: sales are expected to rise from 926 million euros last year to 1.1 billion euros, and operating profit is expected to increase by more than 16 percent. The company, which is listed in the SDax, employs more than 3,700 people.
Press release quarterly figures
dpa
Source: Stern
