Exel Composites’ Q3 2022

Exel Composites has reported a Q3 2022 revenue increase of 1.2% from €33.4 mn in the same period of 2021 to €33.8 mn.

Order intake decreased by 0.3% to €24.5 mn, compared to €24.6 mn in Q3 2021.

According to Jouni Heinonen, president and CEO, this growth was driven by the transportation customer industry, which compensated for a decrease in revenue in the wind power, telecommunications, defense and buildings and infrastructure customer industries.

“At this stage it seems that the most significant increase in material costs is now behind us,” he said. “However, visibility into next year's energy and material cost development is still limited.

“The world needs more renewable energy, more energy-efficient buildings, and lighter vehicles, all of which require the use of composite materials. We are able to support our customers in this important transition. […] In addition to this, we have identified additional new opportunities. A good example is the electrical conductor market in the buildings and infrastructure customer industry; the market will be opening up as a result of a key patent expiring.”