Akwel on track with 10% revenue growth target

Champfromier, France – Automotive and HGV equipment and systems maker Akwel has maintained its forecast of 10% revenue growth for 2023, despite a slight dip in sales in the third quarter.

The French automotive supplier saw revenue decline 0.9% year-on-year to just under €249 million for the three months to end of September, due mainly to negative currency effects.

Currency impact “weighed even more significantly” in the third quarter, at €25.4 million, explained Akwel in a 9 Nov statement.

This, it added, included a negative €16 million effect from the Turkish Lira and a €6.2 million negative impact of the US Dollar.

For the first nine months of the year, however, the French supplier reported a 5.8% growth in sales to €740 million.

Continuing the performance recorded during the first nine months of the year, Akwel confirmed its projection of revenue growth of around 10% in 2023, “at constant scope and exchange rates”.

This development, it added, will be achieved “assuming a continuation of the trends observed in currencies during these first nine months”, it added.

The French group did not provide an earnings update or forecast.