Bucher Industries, the parent company behind machinery manufacturer Kuhn, has reported that in the first nine months of 2023, the firm has achieved almost the same turnover as in the same period last year.

Kuhn’s nine-month 2023 turnover is €1.132bn, down just 0.8% on the same period in 2022.

The manufacturer’s current order book sits at €697m, down a sizeable 30.5% on the €1.004bn recorded for the same period last year.

According to Bucher Industries, this is as a result of declining demand for agricultural machinery globally.

It is attributing the reduced demand on lower agricultural commodity prices, drought in several areas, high interest rates and high machinery prices.

It noted this has also resulted in higher inventories in the dealer network.