The SFS Group achieved its growth targets despite a difficult economic environment. In financial year 2023, third-party sales of CHF 3,090.8 million were generated. The increase of 12.6% against the prior-year period was underpinned by organic growth of 2.1%. Consolidation effects stemming from the inclusion of Hoffmann as of May 1, 2022, accounted for 14.6% of the sales growth.
Geopolitical and macroeconomic developments had a major impact on our business activities in 2023. Key leading economic indicators deteriorated considerably over the course of the year. Many customers reduced their inventories as a result of the normalisation of supply chains after COVID-related disruptions, aggravating the situation further.
Sales by segment
The Engineered Components segment (EC) deftly used the seasonal ramp-up of components for use in mobile devices in the second half of 2023 to boost the results of the first half-year. Demand in the segment’s other end markets remained unchanged overall, while Automotive and Medical saw dynamic organic growth. The segment generated sales of CHF 987.7 million (PY CHF 1,028.2 million).
The Fastening Systems segment (FS) achieved a solid result in a weakened market environment with partially high levels of inventory along the entire value chain, and generated sales of CHF 615.3 million (PY CHF 644.9 million).
After a strong first half of the year, the Distribution & Logistics segment (D&L) experienced deteriorating market demand during the course of the year. This resulted in a decline in order intake, which was partially offset by the high order backlog. The segment generated sales of CHF 1,487.8 million (PY CHF 1,073.0 million). Consolidation effects stemming from the inclusion of Hoffmann as of May 1, 2022, accounted for CHF 400.6 million of sales.
The SFS Group will publish its audited Annual Report 2023 at the media, analyst and investor conference on Thursday, March 7, 2024.