EQS-News

hGears AG Group: Full Year 2023 performance impacted by industry-wide destocking; focus remains on driving operational flexibility across the business - Seite 2

Sven Arend, CEO of hGears, comments:

“Market dynamics remained challenging in 2023, impacted by slower-than-expected destocking and production volume uncertainties from our customers. Our year-end results reflect these persisting challenges, as well as our proactive and ongoing efforts to streamline operating structures, refine resource management, and preserve cash.

While we maintain confidence in the long-term favorable trends within our end markets, we expect the ongoing limited visibility to continue to result in cautious ordering amongst our customers. As we look to 2024, we will navigate the market situation with a concerted focus on driving business, prioritizing operational flexibility, and preserving cash without compromising our inherent upside potential. We completed several projects in 2023, including redefining roles and responsibilities and overall processes for new product introduction. We will further continue to drive efficiencies, beginning with a refinement of our business areas to better align them with end-market dynamics and industry-specific requirements, and with the ultimate aim of ensuring that we remain agile, efficient, and optimally positioned to capitalize on end-market growth when it returns.”

 

OVERVIEW OF FULL YEAR 2023 FIGURES

Group figures (in EUR million)	FY 2023	FY 2022	∆
Revenues	112.5	135.3	-16.9 %
Gross Profit	56.0	69.8	-19.8 %
Gross Profit margin	49.8 %	51.6 %	-180 bps
Adj. EBITDA	5.6	15.3	-63.3 %
Adj. EBITDA margin	5.0 %	11.3 %	-630 bps
Revenues by Business Area (in EUR million)	FY 2023	FY 2022	∆
e-Mobility	42.0	51.4	-18.3 %
e-Tools	26.5	41.4	-36.0 %
Conventional	43.2	41.1	5.0 %