HGears AG Group Posts Stable H1 2024 Results Amid Economic Challenges

hGears AG Group reported steady results for the first half of 2024, despite facing economic headwinds and ongoing destocking. The company recorded consolidated revenues of EUR 50.5 million, marking an 11.7% decline from the previous year. Adjusted gross profit stood at EUR 23.5 million, with a margin of 46.7%.

The e-Mobility sector showed resilience, experiencing a slight 3.7% drop in sales to EUR 24.6 million. However, the e-Bike segment saw a significant 13.8% decline to EUR 10.5 million, while the e-Tools division fell by 20.9% to EUR 15.1 million.

With an adjusted EBITDA of EUR 0.5 million and a margin of 1.1%, hGears highlighted ongoing optimization and cost-cutting efforts. The company’s balance sheet remains robust, boasting an equity ratio of 53.1%, cash and cash equivalents of EUR 21.7 million, and net debt of EUR 6.2 million.

Looking ahead, hGears maintains its forecast for 2024, anticipating revenues between EUR 100-110 million and an adjusted EBITDA of EUR 1-3 million. In the medium term, the company aims for substantial growth, particularly in the e-Bike and e-Mobility sectors.