Exel Composites has posted its half year and Q2 results for 2020.
In the first half of the year, order intake increased by 10.5% to €57.4 million, compared with €52 million in the first half of 2019. Revenue increased by 2.7% to €55.0 million, up from €53.6 million.
In Q2 2020, order intake decreased by 3.8% to €22.9 million (€23.8 million in Q2 2019), while rev-enue increased by 2.9% to €27.2 million, up from €26.5 million.
‘The impact caused by the pandemic on customer demand has varied greatly depending on loca-tion and industry,’ said president and CEO, Riku Kytömäki. ‘Several of our customers’ factories that were closed earlier have now reopened and activity level increased towards the end of the quarter as countries have gradually lifted restrictions. Based on this it seems that the business environment is developing favorably. However, there is still a risk that the pandemic continues or expands […] Our main strategic focus areas as well as our long-term financial targets remain the same. Our strategic priorities for the remaining of 2020 include stabilizing the profitability of the business unit in the USA, consolidation of the organization in China, operational efficiency improvements in the European manufacturing units as well as focusing on growth initiatives.’
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.
