GRAMMER AG Reports First Half 2024 Results with Revenue Decline

GRAMMER AG has published its financial results for the first half of 2024. Group revenue fell by 5.0% to EUR 1,114.5 million, compared to EUR 1,172.6 million in the same period in 2023. The decline was notable in the EMEA region, where revenue dropped by 12.3% to EUR 561.1 million.

The Automotive segment saw stagnant growth of 0.3%, while the Commercial Vehicles segment experienced a significant revenue drop of 14.4%. The Group's EBIT remained steady at EUR 18.8 million, although operating EBIT decreased substantially to EUR 15.6 million from EUR 26.9 million the previous year.

Despite these challenges, revenues in the APAC and AMERICAS regions showed slight increases. However, GRAMMER’s free cash flow was significantly negative at EUR –57.3 million, driven mainly by a rise in capital expenditure.

The company announced the integration of Jifeng Automotive Interior Group to help strengthen its revenue and profitability. The full-year 2024 forecast was adjusted, with expectations now aligned with the 2023 figures. The "Top 10 Measures" program is ongoing to boost profitability in the second half of the year and beyond.