Thyssenkrupp reaches €44bn in annual sales, business taking tech focus

- Finance - Nov 23, 2017

Thyssenkrupp has posted its biggest annual sales order for five years, increasing by 18% to reach a value of €44bn.

The German conglomerate released its figures for its fiscal year up to September 30th, with record performances in its elevator and car components divisions leading to the jump.

Thyssenkrupp is looking to move away from its tradition steel business to focus more on technology, with its car components division supplying the likes of Tesla.

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"The past fiscal year was a year of important decisions," said the group's CEO Heinrich Hiesinger. "The sale of the Brazilian steel mill CSA and the memorandum of understanding on a joint venture of our European steel activities with Tata Steel created strategic clarity. The capital increase widened our financial leeway.

"The improved operating figures show that our performance programs are working. We will continue to drive forward the profitable growth of our capital goods, make targeted investments in research and development and work systematically to further improve efficiency across all our businesses."

The group is expecting further growth in the current fiscal year, targeting an EBIT of up to €2bn by the end of 2017-18.

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