Bufab has released its year-end report for 2023 with improved margin and strengthened cash flow conclude the year.
A record year for Bufab concluded with continued favourable development in the fourth quarter, with improved margins and strengthened cash flow.
For the full-year of 2023, Bufab delivered its highest sales and operating profit to date. Net sales increased by 3% to SEK 8,680 million (8,431) while operating profit (EBITA) increased by 5% to SEK 1,043 million (990).
The CEO overview stated, “During the year, we worked purposefully on the implementation of our new strategy, with higher value creation for our customers, an improved customer and product mix, and more efficient management of our working capital yielding results. We also delivered our highest operating margin and strongest cash flow ever, demonstrating our resilience even in a more challenging market. In the fourth quarter, we reported a strong result despite lower demand year on year. Efforts to strengthen our gross margin continued to bear fruit in the quarter due to a better customer and product mix.
“An area we will continue to focus on as part of our new strategy is leading the development of sustainability in our industry. In 2024, we will continue to develop our customer offerings in the field of sustainability and continue to integrate sustainability throughout our operations, with the goal of reaching net zero by 2050.”
Well positioned for 2024
Erik Lundén, the President and CEO of Bufab continued, “In 2024, we will continue to execute our strategy where our short-term priorities stand firm: to capture market share, gradually improve our margin and deliver a stronger cash flow. Bufab is a more robust company today than it was at the start of 2023, and our offering to customers is becoming increasingly relevant.
“Finally, I want to thank all our customers around the world for the trust they have shown in us during the year and extend a big thank you to our 1,800 “solutionists” worldwide for their outstanding work in 2023.”
