Speciality glass manufacturer Schott closed the fiscal year 2022/23 with solid financial results, despite major economic challenges.

High energy costs, customer reticence, and global competitive pressure were cited as challenges faced by the company.

Despite this, Schott’s global sales increased by 4% to €2.9 billion, with an EBIT of €413 million.

Dr Frank Heinricht, Schott Chairman of the Board of Management, said: "We are continuing to focus on innovation and sustainable growth. Our financial strength coupled with strategic investments allow us to face the challenges in the international market with confidence."

The company achieved a net income of €277 million; products and solutions for the pharmaceutical industry and high-end optics were important sales drivers.

Schott intends to further invest in sustainability and growth in Europe, the US, and China.

In fiscal year 2022/23, the company continued to expand its international production network with around €450 million of investments.

Last year saw the groundbreaking ceremony for a new pharmaceutical production facility in Hungary, and the inauguration of an advanced diagnostics facility in the US.

This year, Schott intends to invest another record sum of over €500 million.

Plans include expanding the production area of its optics competence centre in Malaysia, and constructing a climate-neutral administration and production building in Landshut, Bavaria.

Its subsidiary Schott Pharma plans to expand its manufacturing capacities, including a new production line for polymer syringes in Müllheim, Germany, a glass syringe plant in Hungary, and a new production site in Serbia.

Furthermore, Schott plans to strengthen its business with a focus on the semiconductor industry.

The company also reached several sustainability milestones in the past fiscal year.

This included successful laboratory tests with hydrogen – a technology that will now be tested further in large-scale production this year.

Schott also plans to build its first electric melting tank for pharmaceutical tubing in Mitterteich, Bavaria by 2026.