Gestamp has posted first-half net profit up 27% to EUR116m (US$135m) while revenue grew 10.4% to EUR4.1bn.
EBITDA was EUR452m, representing an 11.1% increase, with growth driven by good volumes of existing programmes and the ramp-up of new projects especially in Eastern Europe and Mercosur.
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Western Europe grew by 9.2% to EUR2.1bn, Eastern Europe increased sales by 29.2% to EUR484m, Mercosur by 54.3% to EUR256m, North America by 0.4% to EUR752m and Asia by 1.2% to EUR496m.
The company added five new plants to its footprint during the first half of 2017, as well as announcing the construction of its first plant in Japan. Gestamp continued strengthening its R&D capabilities by opening new centres in Tokyo and Michigan.
“We are very satisfied with the performance recorded during the first half of 2017,” said Gestamp president and CEO, Francisco Riberas.
“The good volumes of existing programmes especially in Eastern Europe and Mercosur confirm that we are on track to achieve our targets for this year.
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By GlobalData“Gestamp will remain in the same path in order to continue growing the business at a rate above the market and to take advantage of the increasing outsourcing trend.”
