LEOBEN, AUSTRIA – AT&S saw a 13% increase in revenue for its fiscal year, reaching a record €1.79 billion ($1.94 billion). 

"After a strong first half, the market cooled down significantly in the second half of the financial year, in particular in the growth segment of IC substrates," said CEO Andreas Gerstenmayer. "To address the resulting challenges, we significantly boosted and accelerated our cost reduction programmes. We are still convinced that the company is in a good and promising position in segments benefitting substantially from digitalisation and electrification. And we are achieving one of our key strategic goals, further diversification of our customer base, even faster than planned. I am particularly pleased about the progress of our projects in Kulim and our research and development centre in Leoben."

The company said expects the deterioration of the market environment in the second half of its fiscal year, in particular in the market for IC substrates, to continue in the first half of the new year. Continued high inflation rates, rising interest rates, recession risks as well as geopolitical developments represent additional elements of uncertainty for the end markets, and the company expects that inventories in the supply chains will have normalized by the second half of the year and that demand will pick up again. With those expectations, AT&S forecasts annual revenue in the range of €1.7 billion to €1.9 billion ($1.8 billion to $2.1 billion).

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