Profits and sales grow for Gestamp

Automotive components group Gestamp enjoyed growth in both profits and sales in the first nine months of this year.

Gestamp's car parts factory at Four Ashes, near Wolverhampton
Gestamp's car parts factory at Four Ashes, near Wolverhampton

Earnings before tax for the Spanish group, which has a factory at Four Ashes, near Wolverhampton, grew by 52.3 per cent to £593 million.

Revenue was up by 15.6 per cent to £4.97 billion.

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

The company managed to outperform the market in all regions where it operates in the nine months,

It remains committed to reducing its carbon footprint and has recently reported the signing of the first agreement in the automotive sector to purchase green steel from ArcelorMittal.

Executive chairman Francisco Riberas said: "At Gestamp we remain committed to our objectives for 2021 and we have once again demonstrated our ability to grow above the market, even in a challenging and volatile context such as the current one that we are facing.

"We will continue to focus on preserving profitability, free cash flow generation and further net debt reduction."

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