PARIS, France, Nov 15 (Bernama-GLOBE NEWSWIRE) -- 

14 November 2019

9 MONTHS TURNOVER INCREASES +3.3%

Akwel (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €826.3m on the 30 September 2019, up +3.3%.

Consolidated turnover (1 January to 30 September 2019)

In the first nine months of 2019, Akwel recorded turnover up +4.3% when comparing like-for-like figures. This performance was achieved against the backdrop of a global automotive industry in which conditions are still difficult, with a drop in product volumes of around -7%.

All geographical areas enjoyed growth in the third quarter.

Over the nine-month period, the the turnover by production zone breaks down as follows:

The group’s Chinese factories are continuing to grow, with a rise of +33.5% over the nine months.

With an investment budget more in line with normality this year and a more efficient management of working capital requirements, the group generated a free cash-flow of €38.6m over nine months and achieved a reduction in its net financial debts of €30.6m (excluding the impact of IFRS 16) compared to the situation on 31 December 2018, of which €12.6m came in the third quarter.

AKWEL can confirm all of the targets announced for the 2019 and 2020 financial years: growth in turnover, growth in operating profit and a return to a positive free cash flow in 2019, with a turnover of around €1.2 billion in 2020.

SOURCE : Akwel

--BERNAMA