| Third quarter 2023-2024 sales: up 2.1% Growing third quarter despite high base effect |
| 2022-2023 | 2023-2024 | Change (reported) |
Change (LFL*) |
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| Q3 sales (April 2024–June 2024) |
Reported | Reported | €m | % | €m | % |
| AGRICULTURAL SPRAYING |
155.2 | 151.7 | -3.5 | -2.2% | -2.4 | -1.6% |
| SUGAR BEET HARVESTING |
34.1 | 39.1 | +5.0 | +14.7% | +5.1 | +15.0% |
| LEISURE |
57.8 | 54.0 | -3.8 | -6.5% | -5.1 | -8.8% |
| INDUSTRY |
62.8 | 71.7 | +8.8 | +14.1% | +8.9 | +14.1% |
| EXEL Industries Group | 310.0 | 316.5 | +6.5 | +2.1% | +6.5 | +2.1% |
| 2022-2023 | 2023-2024 | Change (reported) |
Change (LFL*) |
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| 9-month sales (October 2023–June 2024)) |
Reported | Reported | €m | % | €m | % |
| AGRICULTURAL SPRAYING | 392.0 | 400.1 | +8.1 | +2.1% | +14.5 | +3.7% |
| SUGAR BEET HARVESTING |
87.9 | 83.4 | -4.5 | -5.2% | -3.3 | -3.7% |
| LEISURE |
119.9 | 112.4 | -7.4 | -6.2% | -13.8 | -11.6% |
| INDUSTRY |
193.2 | 213.4 | +20.2 | +10.4% | +23.3 | +12.0% |
| EXEL Industries Group | 793.0 | 809.3 | +16.3 | +2.0% | +20.6 | +2.6% |
Third quarter 2023-2024
sales
The EXEL Industries Group posted revenue of €316.5 million for the third quarter of 2023-2024, up 2.1%. At constant consolidation scope and foreign exchange rates, revenue was also up 2.1%.
The scope effect represents €1.9 million in revenue for the third quarter, reflecting the acquisition of the Devaux group in June 2023.
Agricultural spraying is seeing varied evolution across regions. Flat sales in Europe and Australia contrasted with a more challenging situation in North America, where volumes are in decline following a good beginning of the year. Distributors in all Group regions are focusing on reducing inventories, resulting in a slowdown in order intake.
Third quarter business was mainly driven by sales of sugar beet harvesters in Europe and North America. In Eastern Europe, the expected slowdown in sales continues. Once again in this quarter, sales volumes of used machinery and spare parts sustained their momentum.
Garden business declined during the third quarter in a challenging market exacerbated by adverse weather conditions at the start of the season. Sales volumes fell in Italy and the UK, although market share increased slightly. Meanwhile, revenue made some progress in France, driven by sales of hand-held sprayers and garden tools.
Industrial spraying sales were driven by Europe, particularly the German automotive sector. In the other main Group regions, i.e. Asia and the USA, sales remained steady in line with the second quarter trend.
The technical hose market continues to pose challenges, but the commercial reorganization is now complete.
2023-2024 outlook
Daniel Tragus, Chief Executive Officer of the EXEL Industries Group
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“EXEL Industries posted a fine third quarter performance driven by industry, setting a trend that is expected to continue throughout the fourth quarter. The Group remains prudent however, particularly with regard to agricultural spraying, and continues to take steps to adjust production to a decreasing order book. Under these circumstances, EXEL Industries is focusing on improving its operational efficiency while keeping an eye on developments in its markets during the fourth quarter.” |
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