hGears AG 2023 Performance Hit by Industry Destocking; Focus on Operational Flexibility

• hGears AG's full year 2023 performance was impacted by industry-wide destocking, with group revenues down 16.9% year-on-year to EUR 112.5 million.
• Gross profit for the year was EUR 56.0 million, a decrease of 19.8% from the previous year, with a gross margin of 49.8%.
• Adjusted EBITDA was EUR 5.6 million, down 63.3% year-on-year, reflecting the challenging business environment.
• The company achieved a negative free cash flow of EUR 3.1 million, significantly better than the guided negative EUR 9 - 12 million bandwidth.
• hGears AG's full year 2024 guidance and mid-term targets reflect a challenging market backdrop, including the persisting overstocking situation.
• The company's focus remains on driving operational flexibility across the business, streamlining operating structures, refining resource management, and preserving cash.

The price of hGears at the time of the news was 3,1600EUR and did not change compared to the previous day.
22 minutes after the article was published, the price was 3,1650EUR this corresponds to a plus of +0,16 % since publication.

hGears

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-90,12 %

ISIN:DE000A3CMGN3WKN:A3CMGN

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