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Release of financial statements for 2022

Release of financial statements for 2022

Prodrive Technologies Group B.V. (hereafter: ‘Prodrive’) realized a growth in consolidated revenues of 34%, to EUR 415 million in 2022. Material supply restrictions combined with high inflationary effects on materials, labor, and operating costs limited the profitability for the year. Prodrive realized a net profit of EUR 6 million in 2022, amounting to 1.5% of total revenue. Prodrive’s workforce grew from an average of 1.838 in 2021 to an average of 2.360 full-time-equivalent (FTE) employees in 2022.

On March 2, 2023, founder and CEO Pieter Janssen and HAL Investments B.V. agreed to acquire all Prodrive Technologies shares owned by co-founder Hans Verhagen. The transaction was completed on April 24, 2023 – the ownership interest of HAL Investments increased from 31,45% to 47,18%. The remaining shares are held by Pieter Janssen, management, and employees.

Pieter Janssen, CEO: “We are pleased to report a significant growth in 2022 after investing substantially in scaling our capacity and in new technology for multiple years. After working successfully with Hans Verhagen for almost 30 years, I am looking forward to further execution of our long-term strategy and professionalizing the company with HAL Investments as my main co-shareholder. For the coming years, our focus will be on scaling and launching technology aligned with the megatrends of the global energy transition, digitization and advanced and affordable healthcare.” 

Karel van Gerven, CFO: “Realizing our reported business growth and serving our customers in 2022 required continuous problem-solving from our organization and partners. Supply chain disruptions introduced many inefficiencies, while significant inflationary effects continue to result in increased cost levels. For 2023, our focus will be on realizing another growth step of around 20% and on improving the efficiency and profitability required to fund our investment roadmaps.” 

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 four dedicated R&D programs and three highly automated manufacturing sites. The company owns subsidiaries in the Netherlands, U.S., China, Israel, Germany and Japan.