Exel reports strong revenue in 2022

Exel Composites has published a half year revenue increase of 12% and a Q2 2022 revenue increase of 13.5%.

Q2 revenue was €38.1 million compared to €33.5 million, and half year revenue was €72.2 million, up from €64.5 million in 2021.

However, Q2 order intake decreased by by 14.9% to €37.0 million, and half year order intake was €74.6 million, down 12.7% from €85.5 million in the previous year.

“On a group level, we have not been immune to the continuing cost increases in raw materials, logistics and energy,” said president and CEO, Riku Kytömäki. “So far, we have, however, been able to mitigate the negative net impacts by adjusting our sales prices accordingly. […] I am very satisfied with the rapid improvement of our financial performance after the disappointing second half of 2021. The second half of 2022 is, however, also not free of uncertainty. The Russian war in Ukraine, cost inflation, challenges in raw material availability and the lingering Covid-19 pandemic continue to cast clouds over the global business environment. Even so, I have full confidence in Exel’s ability to continue successfully managing these challenges and continue on the path of profitable growth in the long term.”

The company says that its revenue in 2022 would be at last year’s level while adjusted operating profit would increase compared to 2021.

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