hGears AG Group: Nine-month 2023 performance in line with expectations amid ongoing industry-wide destocking; focus remains on driving efficiencies
NINE-MONTHS 2023 HIGHLIGHTS
Group revenues at EUR 84.1 million, down 18.8% y-o-y
Ongoing supply and demand imbalances persisted in the e-bike market
Destocking and weaker end-market in e-Tools consistently impacted demand
Conventional continued to grow, with revenues up 7.1% y-o-y
Gross profit at EUR 42.6 million, down 20.3% y-o-y, gross marg...