Despite Global Uncertainty, Universal Robots Reports Record Revenue
Overall demand for automation is predicted to continue to grow in 2023 and beyond, driven by growing labor shortages and changing workplace expectations.
Posted: February 17, 2023
Universal Robots, the Danish collaborative robot (cobot) company, has reported Q4 revenue of USD 85 million, bringing 2022 annual revenue to USD 326 million, up 5% on 2021. On a constant currency basis, growth over the year was 12%.
The company’s Chief Financial Officer, Kim Andreasen, said: “We are proud to have continued to grow our business despite facing a difficult macroeconomic environment in 2022. We focused on those things we are able to control, and we overcame supply chain challenges to report our highest annual revenue to date.”
The demand for automation in Europe slowed in 2022 following the start of the war in Ukraine. Universal Robots’ results have also been impacted by the change in exchange rates, which created an additional headwind to growth.
Poised to Meet Growing Demand
Despite the change in global markets, overall demand for automation is predicted to continue to grow in 2023 and beyond, driven by growing labor shortages and changing workplace expectations.
Universal Robots has taken steps in 2022 to meet this growing demand. The company’s President, Kim Povlsen, said: “We invested last year in building world-class expertise in welding, palletizing and machine tending. We have also been working with our ecosystem partners to make automation easier for our customers than ever before. 2022 has been an important year for the company overall. We started construction on new headquarters, reached our 1,000 employee milestone and launched a groundbreaking new cobot.”
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