GLT Bearings records over 10% increase in sales
A review of the year – not just on figures
The defining theme of 2022 was Russia’s war against Ukraine and the resulting consequences for procurement, logistics, energy and the labor market. Combined with the zero-covid strategy of the Chinese leadership, this created a market situation that was hardly predictable and certainly not predictable. Many supposed certainties are now a thing of the past, as is an inflation rate of less than 1%.
It would be presumptuous to say that we could have predicted any of last year’s developments, and yet we decided – ultimately on the basis of many other sensible considerations – to strategically increase our inventories on an ongoing basis some time ago. A measure that is paying off today more than ever. In unstable times, we have become a reliable partner for many of our existing customers – and also for a whole series of new customers – when it comes to security of supply of plain bearings. We can deliver, in some cases on demand, and have largely met delivery commitments. And yet we too have not been spared supply chain problems, sickness absences and the effects of increased energy costs. We would like to thank our customers who have suffered as a result for their understanding. All in all, however, last year’s results were very satisfactory for us, and this is also reflected in our initial figures.
It’s what’s on the inside that counts
At around 14 million euros, GLT Bearings’ sales increased by more than 10% from 12.4 million in 2021. We see this massive increase in sales with current economic forecasts as confirmation of our strategy. However, the greatly changed market situation has also led to an increase in expenses, which go beyond the normal level. We were able to cope with the increased workload last year thanks to the enormous commitment of an outstanding team. Our express thanks go to each and every member of the team! And even if we are able to create a pleasant working atmosphere with attractive offers, such as foosball tournaments or our summer party, it is clear to us that our company development is based on the performance of our employees. In order to take more deserved pressure off our team in the coming year, we have advertised a number of positions which we are looking to fill with immediate effect.
Looking outward …
After years with very limited personal contact, the GLT field service was again more active on site with our customers last year and was able to solve many a technical or logistical challenge in personal discussions. This shows that our technical sales force – thanks to continuous further development – makes the difference with competence and commitment.
2022 was also a year in which we were finally able to impress our customers as exhibitors at trade fairs. The major leading trade fairs of the maritime world and the construction machinery industry opened their doors again this year. At the SMM in Hamburg and the bauma in Munich we took the opportunity to exchange ideas with customers and interested parties and to discuss the requirements of the coming period. In every respect, we were able to chalk up our trade fair presences as a success and significantly deepen our customer relationships.
We look forward to the challenges of the coming year and thank our customers for their trust in 2022. In this spirit: Happy New Year to you!