FRIWO Sees Q2 Order Increase Indicating 2024 Growth

FRIWO AG reported a 31% drop in revenue to 40.8 million euros in the first half of 2024, mainly due to weak e-mobility demand. Nevertheless, improved order intake suggests a better performance in the latter half of the year. Cost efficiency measures helped limit the EBIT loss to -3.0 million euros.

Key developments include a successful e-mobility joint venture in India, expected to double sales this year. Despite a significant employee reduction, FRIWO's outlook remains positive, with projected sales of 100 to 120 million euros and balanced EBIT for 2024.

Optimized locations in Vietnam and Germany contributed to cost savings. The equity ratio fell from 17.1% to 11.5%, but FRIWO is financed until 2025 thanks to extended loans. The company is focusing on expanding activities in the US and Europe.