Munich (Reuters) - The Palatinate-based pump and valve manufacturer KSB has achieved its targets for 2023 despite signs of a slowdown at the end of the year.

Sales revenue rose by almost ten percent to 2.82 billion euros, the Frankenthal-based company, which has been listed on the small-cap index SDax since December, announced on Wednesday. Incoming orders increased by three percent to 2.96 billion euros. Both key figures were in the lower half of the forecasts raised in July. Earnings before interest and taxes (EBIT), on the other hand, will be in the upper half of the targeted range at 220 to 230 (2022: 169) million euros. The focus on the spare parts and service business has paid off, as sales of standard products in Europe have been suffering from the weakening economy since the middle of the year.

"In view of the difficult conditions - inflation and far-reaching global political conflicts - we are proud and very satisfied with what we achieved worldwide in the 2023 financial year," said KSB CEO Stephan Timmermann. "In 2024, we plan to continue the positive development of the company." KSB employs around 15,700 people.

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