11.0% organic growth in line with last fiscal year
The EXEL Industries Group posted revenue of €200.1 million for the first quarter of the 2023–2024 fiscal year, up 8.1%, driven mainly by organic growth in sugar beet harvesting and industry.
Growth at constant consolidation scope and foreign exchange rates was 11.0%.
The change in consolidation scope arising from the Devaux group acquisition in June 2023 contributed €1.3 million to first quarter revenue.
Sales remained strong, up 6.3% at constant consolidation scope and foreign exchange rates, boosted by regular price increases incorporated since 2022, albeit undergoing an unfavorable basis of comparison versus 2023: first quarter 2022–2023 was marked by a strong catch-up in deliveries following a slowdown in component deliveries. First quarter 2023–2024 saw renewed disruptions to logistics, which lengthened delivery times to Australia and North America.
While the first quarter remains non-material in terms of seasonal sales patterns, the Sugar Beet Harvesting business continued to grow, driven by strong demand across all segments: new machines, fueled in particular by the previous year’s deferrals, used machinery and spare parts. In geographical terms, while last year’s sales were mainly generated by Eastern Europe, this year first quarter revenue mainly came from Western Europe (France, Germany, Poland).
Although listings remain satisfying, the Garden division saw its sales volumes shrink in the first quarter of 2023–2024. There is a certain sense of caution among the distributors as the market has declined compared to recent years, coupled with unfavorable weather conditions for sales in 2023 and purchasing power under strain. At this stage, distributor inventories are no larger than in previous years.
In the nautical industry, while distributors hold substantial inventories, the latest product innovations from the various brands are enjoying an excellent reception.
In Industrial Spraying, the Group posted an excellent first quarter driven by strong business growth in Asian markets, following the delivery of major high-viscosity and electrostatic projects for the automotive industry. Western Europe and North America continued to record brisk sales over the quarter.
Technical hoses remained in decline, in line with the 2022–2023 trend.
Daniel Tragus, Chief Executive Officer of the EXEL Industries Group
“EXEL Industries achieved a good first quarter against a challenging basis of comparison, pursuing growth momentum particularly in the agricultural and industrial sectors. Sustained demand for our products allows us to maintain a well-stocked order book, albeit shorter than last year’s. Given the current macro-economic conditions, the uncertain geopolitical situation and the downturn in agricultural commodity prices, the Group remains attentive to developments in its markets.”
2022-2023 Annual report
2022–2023 full-year results
2022–2023 revenue up 12.0%
Daniel Tragus will be appointed CEO of EXEL Industries at the Board meeting on December 20th, 2023