EBITDA grew despite stable sales
First half 2023-2024 revenue
First half 2023-2024 revenue amounted to €492.7 million, up 2.0% as reported and up 2.9% at constant foreign exchange rates and scope. The decline in Sugar Beet Harvesting and Leisure volumes was more than offset by strong momentum in Industrial and Agricultural Spraying.
First half 2023‐2024 financial results
Recurring EBITDA rose 5% to €30.5 million, or 6.2% of Group revenue, compared to €29.0 million or 6.0% of sales in H1 2022-2023, despite the application of IFRS 16, requiring the amortization of the balance of future rents on current leases.
Net income for the first half of 2023-2024 totaled €4.7 million, up from €4.2 million in H1 2022-2023.
Balance sheet
as of March 31, 2024
Net financial debt (NFD) amounted to €212.7 million at March 31, 2024, compared to €176.4 million at the same date last year. Although higher than expected, the increase remains in line with the seasonal nature of the Group’s business. It is mainly due to two factors:
Nonetheless, EXEL Industries has recently renewed a number of lines of credit, which are largely sufficient to meet its needs.
Audit process
The Group Audit Committee met on May 22, 2024.
The Board of Directors met on May 23, 2024, and approved the EXEL Industries financial statements for the six months ended March 31, 2024.
The Group’s Statutory Auditors have finished certifying the first half financial statements and will shortly issue a report without reservations.
2024 outlook
Daniel Tragus, Chief Executive Officer of the EXEL Industries Group
“EXEL Industries posted a solid first half with satisfactory operating margins. Nevertheless, for several months, the trends felt in agricultural activity have encouraged us to remain vigilant. We hope that the rainy spring will be followed by a sunnier summer, giving the desire to garden again. Hopefully, industrial activity should remain strong, thanks to many ongoing projects. Tight management of working capital and efforts to reduce debt are expected to bear fruit in the coming months.”
Upcoming events
December 19, 2024, before market opening: 2023-2024 full-year results