Record first quarter for Gestamp
Car parts group Gestamp achieved record revenue of £2.72 billion in the first quarter of this year.
It was up by 39.4 per cent on the same three months last year.
The group, which has one of its factories at Four Ashes, near Wolverhampton, saw earnings before tax rise by 32.7 per cent to £291 million.
The multinational, which has its head office in Spain, designs, develops and manufactures highly engineered metal components for the automotive industry.
Francisco Riberas, executive chairman, said: “During this first quarter we have delivered strong growth thanks to our solid competitive positioning based on an innovative product portfolio, our proprietary technologies and a well diverse geographic footprint which allows us to be close to our client needs. Despite an adverse backdrop of inflation and raising interest rates, our focus continues to be on delivering growth, cost control and financial discipline to meet our guidance for the year.”
The company invested 6.5 per cent of revenue in the quarter with more than 75 per cent of the growth capital expenditure related to electric vehicles.
Gestamp is present in 24 countries with more than 100 production plants, 13 research and development centres and a workforce of nearly 43,000 worldwide.
