AKWEL reports consolidated turnover of €245.8 million in 2022 1st quarter

KUALA LUMPUR, May 6 (Bernama) -- AKWEL, the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has reported consolidated turnover of €245.8 million in the first quarter of 2022, down by -10.1 per cent compared to the first quarter of 2021. (€1 = RM4.599)

Products and Functions turnover was €239.1 million, down -9.0 per cent. The Cooling business (-4.0 per cent) limited its decline, as did the Air business (-3.5 per cent), which gained market share, while the Pollution Control product line posted a sharper decline this quarter (-12.9 per cent).

Control revenue for its part continued to fall, to €4.0 million, after unusual previous years, according to a statement.

A still limited level of investments this quarter as well as a clear improvement of the working capital, with a return to normal of suppliers' debts and the continuation of the optimisation of receivables, contributed to generating a significant quarterly free cash flow at €19.8 million.

Difficulties in the supply of raw materials and components will continue to weigh on the organisation and activity of manufacturers and equipment suppliers, exacerbated by international geopolitical tensions.

In this context, and even if AKWEL is not directly exposed to the situation in Ukraine and Russia, the group remains cautious in its annual forecasts and anticipates at this stage a moderate growth of its activity in 2022.

Operating in 20 countries across every continent, AKWEL employs 9,700 people worldwide.

-- BERNAMA