German engineering group Siemens reported a small rise in fourth-quarter revenue on Thursday and said it expected growth to pick up in 2014.
Adjusted revenues for the period came in at 21.17 billion euros ($28.6 billion), a 3 percent on the same period last year. Net profit fell to 1.07 billion euros, however, from 1.19 billion euros a year earlier. Excluding currency effects, incoming orders also rose 3 percent, the company said.
"We need to get even closer to our customers, to create demand so we can grow again," Joe Kaeser, president and chief executive officer of Siemens told CNBC Thursday. "The company has always said that we are in a transition period...now we need to look forward."
Kaeser added that operating margin was currently at 7.5 percent with Siemens looking to improve that margin during the course of 2014. The electronics and electrical engineering company will also look towards improving its operational excellence and focus on innovation and quality, he said.
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Siemens announced plans to carry out a share buyback of up to 4 billion euros within the next two years. It added that it expects its markets to remain challenging in 2014 but forecast earnings per share to rise at least 15 percent from this year's figure of 5.08 euros.