Profits improve for Gestamp
Automotive components group Gestamp more than tripled its net profit up to £44.2 million in the first three months of this year.
The Spanish group, which has a factory at Four Ashes, near Wolverhampton, achieved improved revenue of £1.82 billion beating pre-Covid levels.
It was up 11.7 per cent on the first quarter of 2020 with earnings before tax up from £167.5m to £224m.
Gestamp has successfully implemented the first phase of its transformation plan with a continuing focus on efficiency.
Executive chairman Francisco Riberas said Gestamp has delivered a solid quarter.
“The Automotive market is still facing uncertainty around semi-conductor shortage impact in the near future, as well as inflationary pressures in raw materials," he warned
Gestamp develops products with an innovative design to produce lighter and safer vehicles.
The company is present in 24 countries with more than 100 manufacturing plants and a workforce of more than 40,000 worldwide.
