Engel cautious about outlook for moulding machinery markets

Schwertberg, Austria – Injection moulding machinery supplier Engel “remains cautious” about business prospects for its financial year 2024, started 1 April.

A "high order backlog has so far let us get off with a black eye,” commented group CEO Stefan Engleder in a 21 April statement.

However, according to the Engel leader, these orders are “nearly exhausted” at the injection moulding machinery maker.

“Despite intermittent increases in order income, we are yet to witness a lasting economic recovery,” said Engleder reviewing Engel’s annual results.

But the Engel leader said he hoped for growth stimuli from the spring fairs of Chinaplas in Shanghai and NPE in Orlando, Florida.

Engel closed its fiscal year 2023/24 ended 31 March with sales of around €1.6 billion, representing a decline of 6% compared to the previous year.

Citing “various association figures”, Engel said volume in the injection moulding machinery market "has fallen by up to 40%.” 

“Engel has succeeded in gaining shares in a shrinking market - a trend consistent with observations from previous economic contractions," added CEO Engleder.

In particular, Engel’s business units for medical and packaging industries “made a significant contribution” to the positive development.

The group's after-sales business also posted positive growth, with a surge of almost 15% compared to the previous year.