FLSmidth reports 28% revenue increase in 1H23

FLSmidth has reported revenue of DKK12,415m (US$1822m) in the first half of 2023, compared to DKK9733m in the same period a year earlier. EBITDA fell from DKK770m in the 1H22 to DKK737m in the 1H23, while profit over the same timeframe declined from DKK257m to DKK202m. Cement revenue advanced nine per cent YoY to DKK3252m in the 1H23, while the mining business saw its revenue expand by 26 per cent YoY to DKK8536m.

The first half of 2023 saw the company report a total order intake of 11,155 and an order backlog of 20,544, compared to 12,919 and 19,461 in the 1H22, respectively.

According to FLSmidth, the short- to mid-term outlook for the cement industry is increasingly impacted by a slowdown in market demand. The cement order intake in the first half of 2023 declined by 31 per cent YoY, primarily due to a 43 per cent decline in the Products order intake compared to the 1H22. The increase in revenue from the cement business was reportedly also driven by the Products  business, whose revenue improved 23 per cent YoY in the 2Q23 due to a good order backlog.