Akwel forecasts 10% revenue growth for 2023

Champfromier, France – Automotive and HGV equipment and systems maker Akwel has reported an 11.8% year-on-year rise in consolidated first half revenues to €545.8m – or 16.2% on a like-for-like basis.

The gains included sales growth of 11.9%, or 17.7% like-for-like, in the second quarter, to €271.2 million, the maker of fluid and mechanisms said 27 July.

Foreign exchange impact over the second quarter was estimated at minus €14million: including minus €10.0 million on the Turkish lira and minus €1.7 million on the US dollar.

By geographic region, Akwel posted first half sales in: France of €153.5 million (+12.2%); Europe (excluding France) and Africa, €159.6 million (+17.5%); North America, €152.0 million (+5.4%); and Asia & Middle East (including Turkey), €78.4 million (+14.6%).

'Products and functions' revenue was up by 11.8% year-on-year at €529.3 million over the first six months of the year.

Akwel's "most dynamic" market segments were listed as: Washer systems (+22.0%); Mechanisms (+18.0%); and Cooling (+15.5%).

Elsewhere, 'electric vehicle structural parts' "continued to ramp up" its offerings to the market: delivering an 85% increase in revenues over the first half. 

Commenting on the full-year outlook, the manufacturer said it expected around 10% revenue growth in the 2023 fiscal year  – without providing guidance on earnings.

The positive sales projection was based on Akwel's first half performance and “the more favourable business outlook for the automotive and HGV sector worldwide.”