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.
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.
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.
SUGAR BEET HARVESTERS
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.”
First half 2022–2023 results
Second quarter 2022-2023 sales up 20.4%
“We have everything we need to continue to move the Group forward.”
Check out EXEL Industries' 2021-2022 Annual Report