Thyssenkrupp's hydrogen subsidiary Nucera earned less operationally in the past financial year 2023/24 (as at the end of September) and is also expecting losses in the new year to build up its business.

Before interest and taxes (EBIT), the company reported a loss of 14 million euros after a profit of 25 million euros a year ago, the company announced on Tuesday. The forecast for the new financial year ranges from minus 30 million to plus five million euros. Expenditure on research and development has almost doubled to 36 million euros. Administrative costs have also increased. The company, which develops systems for the production of climate-friendly hydrogen, increased the number of employees from 675 to 1,012 within one year.

"The long-term growth prospects of Thyssenkrupp Nucera remain intact," said CEO Werner Ponikwar. With incoming orders up four percent to 636 million euros, the Group has started the new financial year with an order backlog of more than one billion euros. Sales could be between 850 and 950 million euros in 2024/25, having previously climbed by almost a third to 862 million euros. Thyssenkrupp had floated the company on the stock exchange in 2023, but still holds the majority stake.

(Report by Tom Käckenhoff. Edited by Olaf Brenner. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)