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Growth, digitalization and sustainability

Shift to growth

Despite the organic decline in revenues, mainly due to the soft infrastructure market, we delivered double-digit revenue growth, driven by our acquired business SP Mining. By the end of the year, we were well on track to deliver on our CAGR growth target of 10 percent for the period 2019–2025.

The acquisition of SP Mining, completed at the end of 2022, was an important step in our shift to growth strategy. With SP Mining’s complementary offering of high-capacity screening solutions, we have been able to expanded our offering to the mining segment. This in turn has strengthened our parts, services and consumables business. Increasing sales in parts, services and consumables is a key part of our growth strategy and in 2023 it accounted for 59 percent (55) of total revenues. Part of our strategy is to leverage our leading offer and close customer relationships by expanding in the customer value chain. An example of this was the introduction of a wider range of attachment tools for the US market.

Digital shift

We are on track towards our target to have 60 percent of our customers utilizing our automated and digital solutions by 2025, primarily through connecting more equipment. Throughout the year we continued to develop and release new functionality for our digital assistant platform SAM™. This gives customers operational insights and performance-enhancing information to increase crushing and screening productivity.

New features were introduced during the year, for example parts recommendations and strengthened data resolution, which helps to improve the analysis of the operation of crushers to find areas for improvement. We also launched DeckMapp, a digital solution for conducting wear scanning of screen media panels.

Sustainability shift

We help our mining and infrastructure customers make their operations more sustainable. Sustainability is integrated into our product development and we continuously make improvements to our offering to reduce the energy used per ton of material crushed at the customer site and extend service intervals.

Through the electrification of our offering we help customers reduce their CO2 emissions. We already provide a fully electrified stationary crushing equipment offer and aim to have an electric option for 90 percent of the mobile offering by 2025. New electric mobile products launched in 2023 included the UJ443E heavy jaw crusher and the QA442 2-deck sizing screen.

We have the ambition to expand in the value chain and reduce downstream high energy consuming processes by replacing grinding with fine crushing solutions. With our optimized crushing and screening circuits we can halve the size of a normal mill feed, providing higher mill throughput.

We continuously work with our own processes at our manufacturing sites to reduce our emissions and improve recycling and reuse in the factories. At our operations in Ballygawley (Northern Ireland) we adapted and automated the oven doors to reduce gas consumption, reducing the CO2 emissions by approximately 15 percent.

Across our operations we continue to replace natural gas with biogas and conduct heat recovery to reuse excessive heat. At our manufacturing facility in Svedala (Sweden) we use recycled steel in an innovative process of producing manganese wear parts for cone crushers.