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HGears AG Group: Annual General Meeting Approves All Agenda Items
On June 11, 2024, hGears AG held its third Annual General Meeting as a listed entity, in Frankfurt am Main. The virtual event saw 70.04% of the share capital represented. Shareholders approved all proposed resolutions, including the actions of the Management and Supervisory Boards, and the compensation report.
CEO Sven Arend highlighted a challenging financial year marked by geopolitical tension, inventory issues, rising interest rates, and weak consumer sentiment. Arend, who took over in February 2023, has since streamlined company operations for efficiency.
hGears forecasts sales between EUR 100-110 million and adjusted EBITDA of EUR 1-3 million for 2024. The company anticipates strong growth in the e-Bike sector, aiming for consolidated sales of EUR 150-180 million in the medium term.
R. E.
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