EQS-News: hGears AG Group: Full Year 2023 performance impacted by industry-wide destocking; focus remains on driving operational flexibility across the business
Overall revenue decreased 36.0 % year-on-year to EUR 26.5 million in 2023 versus EUR 41.4 million in the prior year period.
- Overall revenue decreased 36.0 % year-on-year to EUR 26.5 million in 2023 versus EUR 41.4 million in the prior year period.
- Overall, for the full year 2023, revenue increased to EUR 43.2 million, representing an increase of 5.0 % over the prior year period.
- These measures could only partially offset the impact of the sizeable revenue reductions, with some implemented from Q2 2023 onwards.
- hGears balance sheet remains very solid, which is again reassuring in the current uncertain economic and geopolitical situation.