GERMANY – The Homag Group’s sales declined 14.1% in the 1Q-2024 due to last year’s significant drop in demand.

“Business development in the first three months of 2024 is in line with our expectations,” said CEO Dr. Daniel Schmitt. “Despite a slight increase in order intake from projects and services, the woodworking industry remains hesitant to invest. We cannot yet speak of a recovery or turnaround in demand.”

Order intake rose 7% to EUR 377 million, but the order backlog decreased to 871 million euros as of March 31, 2024.

The decline in 2023’s order intake affected Q1 2024 sales, which fell 14% to EUR 347 million . This led to a drop in EBIT before extraordinary effects to EUR 10.8 million.

“This decline matches our forecasts,” Dr. Schmitt noted. “To boost profitability, we implemented measures to adjust capacity and increase efficiency in November 2023. These efforts aim to position the Homag Group for future profitable growth.”