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Release of financial statements for 2023

Release of financial statements for 2023

Prodrive on track for further growth after challenging first half 2023

Prodrive Technologies Group B.V. (hereafter: ‘Prodrive’) reported a growth of consolidated revenues of 22% to EUR 506 million, and a net loss of EUR 6.1 million for 2023. Prodrive employed a workforce of 2401 full-time-equivalent (FTE) employees at the end of 2023. In the first half of 2023, Prodrive encountered significant inflationary effects on materials, labor and other costs in addition to disturbed operations resulting from material supply restrictions. Improved performance in the second half of the year did not fully compensate for the accumulated loss during the financial year.

In June 2023, founder Pieter Janssen announced his intent to step aside as CEO and continue his business involvement as CTO. In October 2023 Prodrive announced that Marc Uleman will be appointed as CEO, starting January 2024.

Karel van Gerven, CFO: “2023 was a year with two faces; we completed another significant growth step in the midst of a highly dynamic business environment but required a substantial growth of expenses to make it happen. Towards the end of the year, we managed to drive efficiencies and right-size costs resulting in an improved profitability outlook for 2024 and beyond.”

Marc Uleman, CEO: “After taking the helm at the beginning of 2024, I have become increasingly convinced of the enormous potential of Prodrive’s organization, its products and its customers. In the coming period, we will focus on reducing complexity throughout the business to drive efficiency and create greater value for our customers and other stakeholders. I am confident to lead the transition of Prodrive from a fully founder-led company to a structured, less complex, organization that continues the phenomenal growth trajectory it has seen over the years. For 2024, we estimate a healthy business growth of around 10% depending on actual short-term industry dynamics.”

About Prodrive Technologies

Founded in 1993, Netherlands-based Prodrive Technologies designs and manufactures high-tech electronics, software and mechatronic products and systems. Prodrive Technologies operates five dedicated Business Lines and three highly automated manufacturing sites. The company owns subsidiaries in the Netherlands, U.S., China, Israel, Germany and Japan.