GPV Announces 14% Decline in H1 Sales
VEJLE, DENMARK – GPV saw sales of DKK4.6 billion ($677.8 million) in the first half of the year, down 14% from the first six months of 2023.
The company said the drop in sales and earnings is a consequence of lower activity level and GPV’s sales and earnings in 2023 being above normal levels due to, among other things, a large past due order situation going into 2023.
“As expected, rising global interest rates and a re-balancing of the market have resulted in a lower activity level in the electronics industry," said CEO Bo Lybæk. "At the same time, market conditions have become far more complex due to the geopolitical developments. Overall, the US out-of-China approach and the market effects following is having a significant impact on global trade. We already now handle the regionalised globalisation tendencies. Therefore, the industry is currently in an adjustment phase, which, together with a continued outsourcing, gives us some exciting new opportunities."
The company has adjusted its 2024 sales forecast to DKK8.9 billion to DKK9.3 billion ($1.31 billion to $1.37 billion), compared to the previous forecast of DKK9.1 billion to DKK9.7 billion ($1.34 billion to $1.43 billion).
