VEJLE, DENMARK – GPV reported sales of DKK2.2 billion ($312 million) in the third quarter, down 13% from 2023's third quarter.

Sales for the first three quarters of the year totaled DKK6.8 billion ($965 million), a year-on-year decline of 14%.

"We are in a special situation where the market is rebalancing," said CEO Bo Lybæk. "The development should be seen in the context of the explosive demand for electronics products we experienced after the coronavirus pandemic. This led to major supply chain challenges and electronic component shortages, causing the EMS industry and its customers to build up inventories to better meet demand. In 2024, we are seeing a continued normalisation of the inventory situation and market rebalancing leading to declining demand, especially in Europe and Asia."

The company said its sales in 2023 were higher than usual due to a backlog of outstanding orders, so its figures for 2024 should be read in this context.

"We were proud to reach sales of DKK 10.4 billion in 2023, but it is important to say that this performance was positively impacted by several extraordinary circumstances that we are not favoured by in 2024 or in the years ahead," he said. :Nevertheless, our sales target for the strategy period until 2028 remains DKK15 billion."