Akwel 'uncertain' despite 12% increase in first quarter sales

Champfromier, France – Akwel has posted a double-digit lift in first quarter sales but noted uncertainty in markets for its automotive and HGV components & systems.

The French-based company saw revenue grow 11.7% year-on-year to €275 million during three months to 31 March, helped by gains in most geographical regions.

In Europe, excluding France, first quarter sales rose 16.6% to €80 million, while France alone posted an 11% increase to €77.5 million, Akwel reported 4 May.

Sales in North America were up 4% at €74 million, while Asia and Middle East, including Turkey, reported 20% higher revenues, at €41 million.

With €1.1 million sales, South America was the only region to see a decline, posting a 15.5% decrease year-on-year.

Akwel also noted a €7.3-million negative impact from currency movements, largely due to a €9.3-million decline linked to a weak Turkish lira.

In its full-year outlook, Akwel expects the automotive and trucking segments to “remain disrupted in 2023”, with low visibility amid ongoing geopolitical tensions.

Nevertheless, the Champfromier-based supplier forecast a “slight increase” in sales for the financial year.

Akwel's portfolio includes fluid management parts & systems and mechanisms for automotive and HGV vehicles.

The company is also increasingly focusing on structural components for electric vehicles, including electronic modules, battery-area components and cable ducts.