Multi-brand crop sprayer maker Exel Industries saw a four-year decline in sales brought to a halt in 2021 as the group recorded a near-15% upturn in sprayer revenues compared with the year prior, or more than 16% on a currency like-for-like basis.
With revenue of $249.2 million and growth of $46.1 million (up 18.4%), the third quarter 2021 confirms the positive momentum of the first two quarters.
With revenue of $292.8 million, the second quarter of 2020-2021 saw a $57.5 million (24.5%) acceleration of growth. Like-for-like revenue was $297.8 million, putting organic growth at 27.1%.
In the fourth quarter of 2020, Exel Industries generated revenue of $267.4 million, up $31.1 million (+13.1%) compared with fourth quarter 2019. At constant foreign exchange rates and scope, fourth quarter revenue amounted to $254.6 million, up 7.7% from fourth quarter 2019.
Profits at crop sprayer and sugar beet harvester maker Exel Industries plunged almost 90% last year as revenues declined in all its operating sectors and the group made significant provisions for re-organization.
Exel Industries, the parent group of the international Agrifac, Berthoud, Hardi and Tecnoma sprayer product lines, the Apache operation in the U.S., and a number of local European brands, is closing two of its production facilities in France with the loss of around 200 staff.
Fluctuations in foreign exchange rates had a negative impact of €20.5 million ($23.5 million) on Exel Industries reported revenues in its fiscal year to September 2018.
An effective response to a record order book for new sugar beet harvesters, together with continuing international sprayer sales recovery, helped French equipment manufacturer Exel Industries post record fourth quarter revenue growth.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.