Antolin, the Spanish interiors technology supplier, said on Thursday it closed the 2023 financial year with a “significant improvement” in its margins and key financials, in line with targets.

Sales rose 4% year on year to EUR4.62bn while EBITDA was up 10% to EUR328m, “amid continued pressure on costs across all markets and the impact of exchange rates”.

EBITDA margin rose 1.1% to 8.1% excluding one off expenses but including “synergies associated with the transformation plan” approved last year.

Already implemented efficiency and optimisation measures plus cost control boosted profitability, Antolin said.

Last year, Antolin won new orders worth EUR5.5bn, of which 25% came from Asia and 11% was linked to business with Chinese car manufacturers.

“The company is thus making progress in its goal of expanding its business in the Asian market, focusing on China and India and increasing and diversifying its customer base,” the supplier said.

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Antolin has an order backlog of EUR20bn for the next four years, “guaranteeing sustained, profitable and diversified growth in the medium term”.

The transformation plan includes offering products with higher technology content, taking advantage of the company’s capability in lighting, electronics and HMI products.

Antolin components are used in 600 vehicle models currently on sale, of which one third are battery electric or plug-in hybrids.

“The transformation we embarked on last year is starting to bear fruit at an operational and industrial level, as reflected in the improvement of the company’s financial figures and profitability,” said chairman Ernesto Antolin.

“During 2023, we have made progress in the main strategic lines, and we have won important projects with customers, which provides us a solid foundation for future growth in the new mobility.

“We have also signed technology agreements with key partners, such as VIA optronics for integrated display systems and Biometric Vox for the development of vehicle access systems. These partnerships add value to our [products] by improving our position in the market.”

In 2024, Antolin intends to continue boosting EBITDA and profitability, plus cash flow generation, ing to reach a double digit EBITDA margin “in the medium term”.

It will increase asset divestment to strengthen its balance sheet and redirect resources to business with greater returns and growth potential.

Full year sales in Asia increased 3% to EUR756m and by 6% to EUR2.23bn in Europe and other global markets.

North America revenue rose to EUR1.57bn from EUR1.56bn.