Rieter Group Reports Strong H1 2024 Order Intake
In the first half of 2024, Rieter Group achieved a significant order intake of CHF 403.4 million, marking a 24% increase compared to the same period last year. However, sales declined to CHF 421.0 million, down 44% from the previous year, as anticipated.
Amid a challenging business environment, Rieter maintained a 2.1% EBIT margin through rigorous cost management and the successful implementation of its “Next Level” performance program. This effort resulted in an EBIT profit of CHF 8.9 million for H1 2024, compared to CHF 25.2 million in H1 2023.
The order backlog as of June 30, 2024, stood at approximately CHF 640 million, indicating stability compared to the end of 2023.
Sales performance varied across business groups: Sales in Machines & Systems decreased by 62% to CHF 198.7 million, while Components declined by 12% to CHF 126.5 million. Conversely, After Sales saw a 4% increase to CHF 95.8 million, driven by installation services and engineered solutions.
Despite challenges, Rieter expects a global increase in spinning mill capacity to positively impact demand for consumables and spare parts in the second half of 2024.
Looking ahead, Rieter anticipates sales between CHF 900 million to CHF 1 billion for the full year 2024, with an EBIT margin projected at 2% to 4%.
