AkzoNobel has published its digital Report 2023, which gives details of how the company delivered a clear rebound in performance, beating targets set at the start of the year.

Available via the company’s website, the online annual report offers extensive coverage of AkzoNobel’s financial results and key business developments during 2023. The sustainability section has also been expanded in advance of the implementation of the Corporate Sustainability Reporting Directive (CSRD).

In his opening statement, CEO Greg Poux-Guillaume explained how ongoing efforts to strengthen the company paid off in 2023 – and continue to gather pace.

“Our volumes stabilized – despite continuing volatility in some of our markets – while our profits rebounded on resilient pricing and the first effects of raw material deflation,” he said. “This allowed us to absorb persistent global inflation and unfavorable currency effects to beat the targets we’d set ourselves at the beginning of the year.”

The four main sections in the report are focused on strategy and operations, sustainability, leadership and performance, and financial performance. Key highlights of the sustainability pages include AkzoNobel’s 38% carbon footprint reduction (Scope 1 and 2) versus its 2018 baseline – which underlines the good progress the company is making towards its 50% reduction ambition for 2030. This was mainly driven by the percentage of renewable electricity reaching 62%, which means AkzoNobel already achieved its interim ambition of 50% by 2025.

Looking ahead to 2024, Poux-Guillaume added: “We’ll still be living in an inflationary world with some macro-economic uncertainty. However, we have good momentum and we expect to resume growing volumes while delivering further margin – and profit – expansion.”