Textile machinery group Rieter has confirmed full-year revenues for 2023 of 1.4 billion Swiss francs, a fall of 6% compared to the previous year.

It said markets remain under pressure from the economic slowdown, high inflation rates and “noticeably dampened consumer sentiment”, and that customers appear reluctant to place orders owing to financing challenges.

It added that the first signs of a recovery in the 2024 financial year have emerged in two key markets: China and India. Rieter said it expects demand to increase in the coming months. 

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