Exel Composites reports 2.6% revenue increase

Exel Composites says that its Q1 revenue increased by 2.6% to €27.8 million, up from €27.1 million.

Q1 orders increased by 22.6% to €34.5 million, up from €28.2 million in the same period of 2019.

The company noted that ‘as a consequence of increased uncertainty and poor short-term predictability due to the Covid-19-pandemic’ it would withdraw its current guidance, and specify new guidance for 2020 later during the year when a more reliable estimate can be made.

‘We live in unprecedented times where the Covid-19-pandemic is a serious concern worldwide,’ said president and CEO, Riku Kytömäki. ‘In the first quarter of 2020, the main impact from the Covid-19 outbreak was on Exel Composites’ business in China. Production was halted for four weeks in total, including the prolonged Chinese New Year’s break, but was gradually ramped up to full capacity by mid-March. Despite this negative impact, group revenue and adjusted operating profit improved compared to last year.’

This story uses material from Exel, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.