COLOGNE, Germany, April 23, 2024 /PRNewswire/ -- TÜV Rheinland, a
leading certification, testing and inspection company, presented
its annual report in which it highlighted substantial investment in
its strategic growth in 2023. The globally active testing group
took over ten companies in Germany, the UK, Italy, and Spain – more than ever before in its more than
150-year long history. The newly acquired companies come from the
fields of technical consulting, environmental and health
protection, functional safety and cybersecurity, occupational
medicine, and management system certification, among others.
"We have strengthened our service portfolio in a targeted manner
through these acquisitions," says Dr. Michael Fübi, Chief Executive
Officer of TÜV Rheinland AG, on presentation of the annual accounts
for 2023. "In the course of the acquisitions, around 400 experts
have joined the company, strengthening TÜV Rheinland's consulting
and testing services in various areas with their expertise." In the
first months of 2024, TÜV Rheinland acquired three further
companies with a total of around 500 employees. TÜV Rheinland also
grew significantly in its existing business in 2023 and once again
invested heavily.
Revenue and number of employees to rise significantly in
2023.
"TÜV Rheinland's growth trajectory is reflected in its
revenue development," explains Philipp Kortüm, Chief Financial
Officer of TÜV Rheinland AG. The testing services provider
closed the 2023 financial year with revenues of EUR 2.439
billion (2022: EUR 2.275 billion). This corresponds to an
increase of 7.2% compared to the previous year.
At constant currency the group achieved double digit revenue
growth of 11.1%. Internationally, TÜV Rheinland once again recorded
the highest growth in Greater
China and India,
Middle East, and Africa (IMEA). The number of employees
converted into full-time equivalents rose by 5.9% to an annual
average of 22,092 employees worldwide (previous year: 20,870
employees) – spread across all continents, and 13,407 (60.7%) of
which are based outside Germany.
High-level investments
TÜV Rheinland has maintained
its investment volume at a high level. The Group invested a total
of EUR 87.9 million in the 2023 financial year (previous year:
EUR 90.8 million), particularly in testing services relating
to future topics such as digitalization, artificial intelligence,
renewable energies and electromobility. In the North American
market, TÜV Rheinland invested around EUR 6
million, including in a testing and certification site for
high-tech products in the Boston
area and a chemical laboratory in Arkansas.
Successful sustainability services
In 2023, TÜV
Rheinland continued to focus on expanding its business in the area
of environmental, social and governance (ESG) related services. The
company generated revenue of around EUR 580 million with
ESG services. This corresponds to a good quarter of total
revenue. The services already offered include the measurement
of greenhouse gas emissions, health protection services and tests
in the field of energy such as photovoltaics or hydrogen. "Our
customers invest heavily in sustainability issues. This is where we
can provide effective support. As a result, we even exceeded our
own revenue targets for ESG-related services in 2023," emphasizes
Michael Fübi.
TÜV Rheinland was also successful in achieving its own
sustainability targets in 2023. For the first time, TÜV Rheinland
was awarded platinum level by EcoVadis, the world's leading
provider of sustainability rankings. TÜV Rheinland has made
progress in areas such as occupational safety, diversity, and
non-discrimination, as well as sustainable procurement.
TÜV Rheinland has already integrated the dynamic developments in
the field of artificial intelligence (AI) into its own services and
processes. For example, the company audits and certifies medical
devices with AI components, uses AI technologies for automated
damage detection in vehicles with the Adomea scanner. In 2023, TÜV
Rheinland also launched the TÜV AI.Lab in Berlin together with other TÜV companies. This
will further advance the development of methods and standards for
testing safety-critical AI applications.
Strong start to the year 2024
The start into 2024 was
very successful for TÜV Rheinland. In the first three months, the
Group recorded revenue growth of around 9 percent, according to CEO
Michael Fübi. "TÜV Rheinland is very
well and solidly positioned. We want to grow significantly again in
2024 –also with services which effectively support our customers on
their way to achieving their ESG goals including the launching of
products or services with a sustainable impact on the market. We
will also continue to play an important role in the consolidation
of the highly fragmented global market for testing services and
consistently implement our strategic growth plans in the future,"
says Michael Fübi.
About TÜV Rheinland
Safety and quality in almost all areas of business and life:
That's what TÜV Rheinland stands for. The company has been active
for more than 150 years and is one of the world's leading testing
service providers. TÜV Rheinland has more than 22,000 employees in
over 50 countries and generates annual sales of more than
2.4 billion euros. TÜV Rheinland's
highly qualified experts test technical systems and products around
the globe, accompany innovations in technology and business, train
people in numerous professions and certify management systems
according to international standards. In this way, the independent
experts ensure trust along global flows of goods and value chains.
Since 2006, TÜV Rheinland has been a member of the United Nations
Global Compact for more sustainability and against
corruption. Website: www.tuv.com
Press contact
Michael García
Michael.Garcia@mex.tuv.com
+52 5534882108
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SOURCE TUV Rheinland