TÜV SÜD publishes its Annual Report for 2023

IIOA member TÜV SÜD publishes its Annual Report for 2023.

Revenue grew to 3,139.3m EUR, up 9.6% (11.1% at constant currency). Growth was all organic.

Within these results, the Business Assurance division increased revenue by 13%. As TÜV SÜD states, ‘services relating to quality, environmental, energy and IT security management systems continued to account for the majority of the division’s revenue. In order to comply with existing accreditation guidelines, selected services abroad had to be discontinued, which led to a small loss of revenue. There was a significant increase in revenue from ancillary certification services and the range of products and services relating to sustainability and information security. Cybersecurity services such as data protection consulting, cybersecurity audits or penetration tests recorded an increase in demand. In the Academy business, the general growth was positively reinforced by the resumption of classroom training, also the virtual classroom training courses have proven successful on the market and were thus in demand.’

TÜV SÜD notes six key challenges and trends: digital transformation; sustainability; new mobility; regulation and standards; globalization vs localization; shortage of specialists.

As regards the outlook for 2024, TÜV SÜD anticipate ‘restrained’ global growth, broken down to low-level recovery on the Euro-zone, further growth in the US and moderate growth in emerging markets.

For the Business Assurance Division, the expectation is of, ‘continuous revenue growth in all areas of the Business Assurance Division.’  They continue, ‘The business with certifications and ancillary certification services will grow consistently at a high level. An increase in revenue is expected in the combined management system certification, as the next cycle of repeat audits is due. Other growth drivers are the certification of information security management systems, including TISAX, as well as audit services for the Supply Chain Management Act and ESG. The training business will record an increase in revenue in the forecast year. The focus is on traditional training courses in face-to-face or digital format on the one hand and new training content on AI and sustainability on the other, particularly on sustainability reporting in accordance with the European Union’s Corporate Sustainability Reporting Directive (CSRD). Our cybersecurity services will show robust revenue growth. We expect growth momentum from data protection services in Germany and especially in India, where the Digital Personal Data Protection Act came into force in 2023.’

Further details can be seen in the TÜV SÜD Annual Report 2023.