TÜV SÜD publishes its 2024 Annual Report

IIOA member TÜV SÜD publishes its 2024 Annual Report, confirming revenue in 2024 of 3429m EUR, up 9.2% on 2023. Organic growth contributed 8.4%, with a negative 0.4% impact from currency change.

Within TÜV SÜD’s three segment (Industry, Mobility and Certification) Certification contributed 1122.2m EUR, a 6.8% increase. Within this, Business Assurance grew 4%.

TÜV SÜD reported that, ‘A significant increase in revenue resulted from the recurring audits pursuant to ISO 9001, ISO 14001 and ISO 45001, which were due to be carried out in the financial year. The certification of energy management systems in accordance with ISO 50001 and information security standards such as TISAX and ISO 27001 was increasingly in demand around the world in order to document the implementation of the changed requirements. Demand for ancillary certification services developed well in the food sector, but fewer supplier audits were commissioned. Cyber Security Services recorded the highest percentage growth in the division with services such as data protection consulting, cybersecurity audits and penetration tests. The academy business, on the other hand, was unable to continue the growth trajectory seen in the prior year, in which pandemic-related catch-up effects due to the resumption of face-to-face training had an impact. The international training business in the US, India, China, Italy and Singapore developed positively. The expansion of the digital offering, including e-learning and subscription-based knowledge services, was continued, and the range of training courses on the topic of sustainability was also significantly expanded’.

In terms of the economic outlook, TÜV SÜD comments, ‘ We anticipate restrained global economic growth in 2025. Geopolitical conflicts and structural problems in individual economies continue to dominate the situation and, combined with rising protectionism worldwide, are making global trade more difficult. Regional differences in economic development are continuing to increase. Growth in advanced economies is once again expected to lag behind that of the emerging and developing countries. In addition, the global increase in extreme weather events as a result of climate change is having a negative impact on economic growth. Even if these events are only regional in nature, they cause significant economic damage at a local level. Against this backdrop, uncertainty will remain high for companies and consumers in the forecast year 2025’.

The full TÜV SÜD 2024 Annual Report is available here.