Swiss Schindler foresees slight revenue growth in ’24

Swiss elevator manufacturer Schindler has forecasted low single-digit revenue growth in local currency terms for 2024 due to a challenging environment, Reuters reported on Wednesday, citing the company’s annual 2023 results.

The company’s annual net profit rose significantly to 935 million Swiss francs ($1.06 billion), surpassing analysts’ forecast of 910.4 million francs in a poll by Vara Research.

Schindler does not anticipate a recovery in new installations for 2024, with the Americas and EMEA markets expected to decline by five per cent to 10 per cent, and China is also set to experience a slide of more than 10 per cent.

China’s troubled property market is not showing signs of short-term recovery, despite government stimulus measures aimed at reviving activity in the sector, which accounts for about a fifth of the nation’s economic output.

Finnish elevator and escalator manufacturer Kone recently forecast that 2024 sales to be in line with or slightly above last year’s level, following better-than-expected fourth-quarter results.