Exel Composites’ Q4 affected by wind powder market

Exel Composites has reported Q4 revenues of €31 million, a decrease of 15.1% from €36.5 million in the previous year.

Full year 2022 revenue however increased by 2% to €137 million, up from €134.4 million from the 2021 period.

“The lower revenue in the fourth quarter of 2022 compared to a year ago was impacted by lower demand in several customer industries, especially in wind power,” said president and CEO, Jouni Heinonen. “Wind power market demand has temporarily been weaker but is expected to recover and turn to growth towards the end of the year 2023. The wind power market is expected to be the largest and the fastest growing market for the pultrusion industry in the next several years.

“There is some uncertainty in the short-term demand development due to the general macroeconomic environment. […] However, our long-term demand outlook is positive.”