GPV reports 5% drop in Q1 revenue – optimises its footprint
Denmark-based EMS provider GPV has had a satisfactory start to 2025. The electronics manufacturer generated sales of DKK 2.2 billion (EUR 294.8 million) in the first quarter of 2025, against DKK 2.3 billion (EUR 308.2 million) in the same period last year, a YoY decrease of 5%, in line with expectations.
Earnings (EBITDA) totalled DKK 143 million (EUR 19.1 million) compared to DKK 155 million (EUR 20.7 million) in the same period last year. GPV says that the decline was mainly attributable to the decline in revenue.
“The key figures for the first quarter turned out as expected despite many changes to the business environment, the extent of which was not foreseeable. We are therefore pleased to have maintained good momentum, and to note that the order intake remains at a good level,” says GPV CEO Bo Lybæk, in a press release.
The CEO continues to say that the most important thing right now is to react with agility and precision to the changes that are taking place – so that the activities GPV launches will have a positive effect, both in the short and long term.
GPV is maintaining its full-year guidance but highlighted ongoing market uncertainty and low visibility. The company does not anticipate a significant demand recovery before late 2025.
As part of its long-term strategy, GPV is implementing a series of structural adjustments aimed at improving efficiency and lowering costs. The company is consolidating its global production footprint across electronics, mechanics, and cable manufacturing.
Electronics production in Slovakia will be concentrated at the unit in Nova Dubnica and the new unit in Piestany, following the closure of its Malaysian unit last year. Mechanics production will be centralised in Bangkok, Thailand, leading to the closure of the Tarm site in Denmark. Cable production will be consolidated in Slovakia and Sri Lanka, with operations in Austria to be shut down.
GPV also announced a reduction in activity in Sweden, while expansion efforts continue in Mexico, where new product implementations are expected to support future growth.
“The timing is right for implementing the necessary changes to our operational footprint. This will reinforce our competitive position both globally and regionally and result in a lower cost base, increased efficiency and higher capacity utilisation,” says Bo Lybæk.