Gestamp's record revenue beats pre-Covid levels
Car parts group Gestamp, which has one of its factories at Four Ashes, near Wolverhampton, achieved record revenue last year.
The £9.44 billion figure was ahead of pre-Covid levels and 32.5 per cent up on 2021.
The Spanish group's earnings before tax were also up 21.2 per cent to £1.06bn
Gestamp designs, develops and makes of highly engineered metal components for the automotive industry.
Executive chairman Francisco Riberas said “Despite being one of the most adverse environments in decades, the company has managed to exceed its pre-Covid levels, achieving results that allow us to face the future with ambition and focused on our aim of growth taking advantage of the opportunities that the transition to electric vehicles offer.
"The results achieved in 2022 once again demonstrate the strength of Gestamp's positioning, as well as the success of the strategy implemented to adapt our business to a challenging market environment as the number of vehicles produced continues to be below pre-pandemic levels while production costs remains at an historic high level."
He added that the year ahead was still marked by uncertainty, but Gestamp continueds to focus on growth, especially in new electric vehicle projects, cost control and financial discipline.
The multi-national company is continuing with its plan to increase renewable energy supply in all its plants.
With the aim of capturing new business opportunities related to circular economy, Gestamp has acquired a stake in Gescrap Group. The company is the European leader in the management and recycling of high-quality scrap metal.
Gestamp, which celebrated 25 years in business last year, is now is present in 24 countries with more than 100 production plants, 13 research and development centres and a workforce of nearly 43,000 worldwide.
