Gestamp's profits improve

Multinational automotive components group Gestamp saw profits grow by 10.8 per cent in the three months to September.

The £50m Gestamp car parts factory at Four Ashes
The £50m Gestamp car parts factory at Four Ashes

The Spanish group – which has a Staffordshire factory at Four Ashes, near Wolverhampton, where more than 800 are employed –achieved earnings before tax of £220.2 million on revenue of £1.83 billion.

Gestamp specialises in the design, development and manufacture of highly engineered metal components for the automotive industry.

It said results for the first nine months have been hampered by the impact of Covid-19.

Revenue for January to September is down 19.5 per cent to £4.58bn with earnings down 36.8 per cent to £415m.

Executive chairman Francisco Riberas said Gestamp’s results had been solid despite continued challenging market conditions.

“We will continue focused on executing our transformation plan to help drive future profitability,” he added.

The company is present in 23 countries with 112 manufacturing plants and a workforce of nearly 43,000 employees worldwide.

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