EXEL Industries: first quarter 2022-2023 sales, up 16.1%
January 25 2023 - 2:41AM
EXEL Industries: first quarter 2022-2023 sales, up 16.1%
First quarter 2022–2023
sales: up 16.1%Continued strong growth in sales |
The EXEL Industries Group posted sales of
€185.1 million in the first quarter of 2022–2023,
up 16.1%, driven mainly by organic growth in
agricultural equipment.
Growth at constant consolidation scope and
foreign exchange rates was 11.8%.
The change in consolidation scope arising from the
G.F. acquisition in February 2022 contributed €1.8
million to first-quarter sales.
Q1sales(October 2022-December
2022) |
2021–2022 |
2022–2023 |
Change in value(in €m) |
Change(in %) |
Reported |
Reported |
Reported |
LFL* |
Reported |
LFL* |
|
|
|
|
|
|
|
AGRICULTURAL SPRAYING |
64.7 |
89.0 |
+24.3 |
+21.1 |
+37.5% |
+32.6% |
SUGAR BEET HARVESTING |
17.7 |
19.5 |
+1.9 |
+2.3 |
+10.5% |
+13.2% |
LEISURE |
17.0 |
13.7 |
(3.3) |
(5.0) |
(19.3)% |
(29.6)% |
INDUSTRY |
60.0 |
62.9 |
+2.9 |
+0.4 |
+4.8% |
+0.7% |
|
|
|
|
|
|
|
EXEL Industries Group |
159.4 |
185.1 |
+25.7 |
+18.9 |
+16.1% |
+11.8% |
* Like-for-like (LFL) = at constant foreign
exchange rates and scope
First-quarter
2022–2023sales
-
AGRICULTURAL SPRAYING up
37.5%
After contrasting trends in 2022, heavily
impacted by component shortages, first-quarter sales are in line
with the momentum seen in the fourth quarter of 2021–2022,
sustaining a significant growth rate. Agricultural commodity prices
have dipped slightly from their spring 2022 peak but remain high,
boosting order intake.
- SUGAR
BEET HARVESTING up
10.5%
Although this quarter is not representative for
this activity subject to seasonal trends, first-quarter sales
showed sustained double-digit growth, in line with Q4 2021–2022.
Sales were driven by new machines, in particular the first sales of
the Terra Dos 5, the latest generation of sugar beet
harvesters.
The garden equipment market declined in the
Group’s three main operating regions (primarily in the United
Kingdom and, to a lesser extent, in France and Italy). After a
challenging 2022, marked by a fall in demand, periods of hot
weather, water restrictions and increased inventories at dealers,
this quarter’s sales were nevertheless comparable to Q1 2019. There
was an unfavorable basis of comparison, as sales in the first
quarter of the previous year were generally higher than usual, in
line with the post-COVID surge in this business.The EXEL Yachting
business remained broadly stable during the quarter, a period that
is not very representative of the business, given its seasonal
nature.
The trend of the previous year was confirmed in
industrial spraying, with stable activity overall, marked by a
slight decline in demand in Europe, but offset by continuing robust
demand in Asia and North America. With regard to technical hoses,
volumes remained low as a result of a decline in demand since the
summer of 2022 and destocking at customers’ at the end of the
year.
Outlook
AGRICULTURAL SPRAYING
- Agricultural commodity prices are
expected to remain high, which will continue to drive machine
replacement.
- Despite the uncertainty surrounding
the Russia-Ukraine conflict, our business in the region is
thriving, in compliance with the international regulations and with
strict controls on customer receipts.
- The order book remains solid for
the coming quarters.
- The business is maintaining
rigorous discipline with regard to selling prices in line with the
impact of inflation on costs.
- Commercialization of TRAXX, an
autonomous high-clearance tractor, and 3S Spot Spray Sensor®, our
sensor-based ultra-localized spraying solution for large-crops has
begun and will gain momentum over the coming months. Both are major
innovations resulting from the work of EXXACT Robotics, our pooled
research center dedicated to agricultural equipment. These
developments are consistent with our CSR policy.
SUGAR BEET HARVESTERS
- Given the announced surge in beet
prices to levels advantageous to farmers, sales of new machines are
expected to remain strong in 2022–2023 and benefit from certain
opportunities in Russia.
LEISURE
- As for the Garden activity, despite
an unfavorable basis of comparison, the start of the year is headed
in the right direction, with higher sales expected in the second
quarter.
- The Düsseldorf boat show and
exhibition at the end of January 2023 will provide an opportunity
for EXEL Yachting to assess the strength of demand for the
year to come.
INDUSTRY
- Asia and North America are expected
to remain the drivers of volumes growth.
- Limited improvement expected in the
automotive sector, but changes to models and electrification are
driving investment among manufacturers.
- A new sales and
marketing structure has been implemented in the technical hoses
business.
Yves Belegaud, Chief Executive Officer
of the EXEL Industries Group:
“In an uncertain global economic environment
that continues to be affected by component shortages, the strong
increase in our first-quarter 2022–2023 sales reflects the solid
growth capacity of EXEL Industries. We are continuing to record a
healthy order intake, particularly in agricultural equipment. The
added value provided by the Group’s products has allowed us to
adjust sales prices in a highly inflationary environment in terms
of labor and energy costs.”
Upcoming events
- February
7, 2023: Annual General Meeting of Shareholders.
- April
25, 2023, before market opening: Q2 2022–2023 sales.
- May 26,
2023, before market opening: H1 2022–2023 results.
About EXEL Industries
EXEL Industries is a French family-owned group
that designs, manufactures and markets capital equipment and
provides associated services that enable its customers to improve
efficiency and productivity or enhance their well-being while
achieving their CSR
objectives. Driven
by an innovation strategy for 70 years, EXEL Industries has based
its development on innovative ideas designed to offer customers
unique, efficient, competitive and user-friendly
products. Since its
inception, the Group has recorded significant growth in each of its
markets through both organic growth and corporate acquisitions,
underpinned by a stable shareholder base guided by a long-term
development
strategy. EXEL
Industries employs approximately 3,770 permanent employees spread
across 27 countries and five continents. The Group posted FY
2021-2022 sales of €977
million. Euronext
Paris, SRD Long only – compartment B (Mid Cap) EnterNext© PEA-PME
150 index (symbol: EXE/ISIN FR0004527638)Press release available
onsite www.exel-industries.com
Yves BELEGAUDChief Executive Officer |
Thomas GERMAINGroup Chief Financial Officer / Investor
relations |
direction.communication@exel-industries.com |
- EXEL Industries_Press Release_2023-Q1_EN
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