FRIWO Reports Moderate Start in 2024, Maintains Positive Financial Outlook

FRIWO, an international manufacturer known for its advanced chargers and e-drive solutions, has experienced a decline in the first quarter of 2024, reporting group revenue of 20.7 million euros compared to 30.8 million euros in the same period last year. This decrease is largely attributed to decreased demand across its primary markets in Europe within the e-mobility, industrial, and tools segments. The company reported an EBIT loss of -1.8 million euros.

Despite this slow start, CEO Rolf Schwirz is optimistic about the financial year, anticipating recovery in the latter half of 2024, aided by cost efficiency measures and the first license income from its joint venture in India. The venture is currently experiencing dynamic growth, promising to boost profits from 2025 onwards.

In response to the ongoing market challenges, FRIWO has strategically reduced its workforce from 1,701 at the end of 2023 to 1,491 as of March 31, 2024, following the sale of its production activities at Ostbevern and component acquisition in Saigon. The group's total assets have seen a slight decrease to 70.7 million euros and a reduction in equity ratio from 17.1% to 14.1%. Nevertheless, the board confirmed its annual revenue forecast of 100 to 120 million euros with an expected balanced EBIT.