Lapp Group Publishes Preliminary Figures for Fiscal Year 2023/24
LAPP defies the economic downturn but looks back on a challenging fiscal year. According to preliminary calculations, the company generated sales of slightly over €1.8 billion in fiscal year 2023/24 (October 1st – September 30th) (fiscal year 2022/23: €1.9 billion). This puts the Lapp Group slightly below the previous year's level.
In the past fiscal year, Europe accounted for the largest share of LAPP's corporate revenue. Nevertheless, the ongoing weak economic situation and geopolitical tensions caused customers to be cautious. In Asia, on the other hand, the company was able to further expand its business. For many years, the Lapp Group has been committed to consistent internationalisation: the family-owned company manufactures at 21 international locations and is active in a total of over 80 countries.
Matthias Lapp, CEO Lapp Group, emphasises: “The global economic challenges also affect us. Our diversification helps: LAPP is active in many industries and countries, so we at least almost matched the previous year’s revenue. We have also responded to the economic downturn with clear and proactive measures to achieve a better result in the coming fiscal year."
LAPP continues to adhere to its global investment programme: for example, the company is currently expanding its logistics and service centre in Ludwigsburg, Germany, making it the largest single investment in LAPP's history. Looking at the next fiscal year, Matthias Lapp says: “We are seeing a slight upturn in some industries, as well as in Asia, which makes us optimistic. In the future, we will continue to work closely with our customers and position ourselves as a solution provider. We are therefore well positioned for long-term growth."
The Lapp Group employs around 5,800 people worldwide. In the Stuttgart region, LAPP employs around 1,400 people.
