Asetek updates 2024 outlook and initiates cost saving program
Asetek A/S (“Asetek” or “the Company”) updates its revenue and profitability outlook for 2024. Group revenue is expected in the range of $52-55 million, with an adjusted EBITDA margin of 1-4%. Due to the revised outlook, Asetek has initiated measures that are expected to yield annual cost savings of approximately $3 million with full effect from the first quarter of 2025. Following the suspension of guidance for 2024 announced on 11 June, the Company has analyzed the latest available purchase forecasts from the largest OEM customers and conducted a review of operations, resulting in: