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Bosch UK reports steady year despite tough market conditions

Challenges around Brexit and COVID-19 highlighted
Challenges around Brexit and COVID-19 highlighted
Bosch, a leading global supplier of technology and services, registered £3.2 billion (€3.7 billion) in annual sales for 2019 in the United Kingdom.
This represented a decrease of 2.6% compared to 2018. The industrial technology division saw flat growth although continued demand for UK infrastructure projects and orders from key customers demonstrated the company’s strength in this sector, particularly in mobile hydraulic drives for construction machines.
However, the uncertainty around Brexit delayed many future investment decisions.
Dr Steffen Hoffmann, president of Bosch UK, said: “We have not just faced tough market conditions, but also the unprecedented uncertainty around Brexit and the future trade relations with the EU. Although we would have wished for a more positive overall sales development, given these challenging circumstances, we are pleased with our performance.”
For the current business year Bosch posts a subdued forecast due to uncertainties caused by the coronavirus pandemic.
“Whilst the current situation makes for a challenging year for the UK, we remain committed to the local market and its long-term potential,” added Hoffmann.
In view of the coronavirus pandemic, Bosch anticipates considerable challenges for the global economy in the current business year.
Challenges around Brexit and COVID-19 highlighted