Exel reports increase in operating profit

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Exel says that in its recent half year financial report, order intake increased by 7% to €25.0 million, compared to €23.4 million in the same period last year.

Revenue increased by 9.2% to €25.3 million and adjusted operating profit was €2.0 million, representing 7.8% of revenue.

‘Exel Composites reiterates its outlook for 2018 published on 23 April 2018 and expects revenue to increase significantly and adjusted operating profit to increase in 2018 compared to 2017,’ said president and CEO, Riku Kytömäki. ‘Group revenue increased clearly in the first half of 2018 and consequently adjusted operating profit improved. […] The acquisitions of Nanjing Jianhui and DSC have been important milestones as we have continued to execute on our growth strategy. Nanjing Jianhui has exceeded our expectations with strong revenue growth and good profitability. We are also convinced that the acquisition of an operating composites company was the most efficient way for Exel to create a foothold in the strategically important American composites market. […]

The integration process of DSC is well under way and is progressing according to plan.’

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