Revenue up 14%, recurring revenue up 19% in 2023

Other key points

• Added value as a percentage of revenue increased to 69% (67% in 2022).
• The operating profit was up 16% to €27.3 million (€23.5 million in 2022) with an operating margin of 10.4% (10.3% in 2022).
• The dividend for the 2023 financial year has been set at € 3.20 (€ 3.00 in 2022).
• Further revenue growth is expected for 2024, fully driven by the second half of the year.

Nedap CEO Ruben Wegman: "In 2023, Nedap took another step forward. Revenue grew autonomously by 14%. All key markets, as well as the other propositions, contributed to the revenue growth. In the first nine months, we increased our product deliveries, catching up on delivery backlogs. Due to customers and partners reaching full capacity and softening market conditions, we saw moderation in product demand towards the year-end in some key markets. Good progress was made in further developing and implementing the Step Up! strategy. In line with this strategy, we have increasingly focused our people and resources on the scale propositions. With our increased competitive strength, we expanded our leading positions in the four key markets and unlocked new growth opportunities. For 2024, unforeseen events notwithstanding, we anticipate further revenue growth for the full year, whereby we expect that this growth will take place in the second half of the year."

Outlook

With our increased competitive strength, we have further expanded our leading positions in the four key marketsand unlocked new growth opportunities. For 2024, unforeseen events notwithstanding, we anticipate furtherrevenue growth for the full year, whereby we expect that this growth will take place in the second half of theyear. We reiterate our Step Up! financial ambitions, including an EBIT margin growing towards 15%, albeit with apotential one-year delay due to market volatility affecting revenue development in the short term.

Read the full press release here.