The testing specialists said revenue rose by 9.6 per cent year on year to approximately 3.1 billion euros, with earnings up by 11.6 per cent to 217.7 million euros. TÜV SÜD said its global workforce in 2023 totaled almost 28,000 employees, with nearly half of them outside Germany.
“The 2023 financial year was a highly satisfactory one”, said Dr Johannes Bussmann, chairman of the management board of TÜV SÜD, at the company’s annual results press conference in Munich. “Our business model has proved its resilience even under challenging political and economic framework conditions.”
In 2023 TÜV SÜD said it invested over 180 million euros in the development of digital and AI-based services, in the modernisation and expansion of its global laboratory facilities – with new laboratories opened in locations including China, India and the US – and in training and further professional development for its workforce.
The company also invested in new-build projects and modernisation of existing premises.
“From a commercial perspective, TÜV SÜD can likewise look back on 2023 with satisfaction”, said Professor Matthias J Rapp, CFO of TÜV SÜD, noting that the company’s growth had been achieved by contributions from all its three business segments, industry, mobility and certification.
“2023 saw all three segments break the one-billion-euro barrier”, said Prof Rapp.
TÜV SÜD said it employs about 8,900 staff in its certification segment, which generated revenue of approximately 1,051 million euros, representing an increase of 7.9 per cent. The company noted that it achieved global growth across all regions, with its Europe region once again achieving the highest revenue.