Jungheinrich has reported a 21% increase in revenue to EUR2.7 billion (USD2.9 billion) in the first half of 2023 despite weakening economies in the eurozone.

The newly acquired Storage Solutions Group helped boost incoming orders 9% to EUR2.7 billion (USD2.9 billion), while earnings rose by 46% to EUR 236 million (USD257 million).

The company re-confirmed its full year forecast of incoming orders of between EUR5 billion and EUR 5.4 billion (USD5.5 billion to USD5.9 billion), with group revenue expected to be within a range of EUR5.1 billion to EUR5.5 billion (USD5.6 billion to USD6 billion).

Jungheinrich chairman Dr Lars Brzoska says: “The first half of the year was very successful for Jungheinrich. Our recent strong revenue growth continued.

“Through the acquisition of the Storage Solutions Group, we gained an important platform for growth in the area of racking systems and warehouse automation in the United States. “That is now reflected for the first time in our consolidated financial statements.

“We continue to press ahead with the implementation of our Strategy 2025+ and confirm our forecast for the current year.”

Jungheinrich’s main research and development (R&D) activities in the first half of 2023 focussed on lithium-ion technology-based energy storage systems, new materials handling equipment, digital products, mobile robots and the optimisation of automated systems.