Q4 2021-2022 revenue up 22.8%


Fourth quarter 20212022 sales up 220.8%

Record organic growth in Q4
driven by agricultural equipment

4th quarter sales
(July 2022–September 2022)
20202021 20212022 Value change
To change
Reported Reported Reported RELATED* Reported RELATED*
AGRICULTURAL SPRAYING 88.9 122.5 +33.6 +26.5 +37.8% +29.9%
BEET HARVESTERS 71.7 85.3 +13.5 +9.5 +18.9% +13.3%
HOBBIES 23.1 28.1 +5.0 -2.2 +21.7% -9.6%
INDUSTRY 58.7 61.7 +3.0 +0.2 +5.1% +0.3%
EXEL Industries Group 242.4 297.5 +55.2 +34.0 +22.8% +14.0%

12 months Sales
(October 2021–September 2022)
20202021 20212022 Value change
To change
Reported Reported Reported RELATED* Reported RELATED*
AGRICULTURAL SPRAYING 380.9 442.3 +61.4 +48.2 +16.1% +12.7%
BEET HARVESTERS 135.5 146.3 +10.8 +5.2 +8.0% +3.8%
HOBBIES 132.4 138.9 +6.5 -26.9 +4.9% -20.3%
INDUSTRY 227.9 249.5 +21.6 +12.5 +9.5% +5.5%
EXEL Industries Group 876.8 977.0 +100.3 +39.0 +11.4% +4.4%

* Like-for-like (LFL) = at constant exchange rates and scope

Q4 2021sales 2022

The EXEL Industries Group recorded record sales of €297.5 million for the fourth quarter of 2021-2022, up 22.8%, driven by both external factors (changes in the scope of consolidation and exchange rates, in particular USD) and internal factors, mainly the organic growth of agricultural equipment. At constant scope and exchange rates, the Group recorded growth of 14.0%, despite persistent supply problems in its various businesses, particularly in agricultural spraying and beet harvesters.

The change in scope linked to the Group’s two recent acquisitions (EXEL Yachting and GF) contributed €5.2 million to fourth quarter sales.


After peaking in the spring of 2022, accentuated by the conflict in Ukraine, the prices of agricultural raw materials fell slightly during the summer and stabilized at levels still well above pre-COVID prices. In this context, demand remained strong in all regions, particularly in North America, while the shortage of components does not seem to be easing.
The exceptionally well-stocked order book enabled the Group’s various companies to reduce the seasonality of sales and to carry out significant invoicing during the quarter.


After a third quarter particularly impacted by component shortages and an upsurge in COVID in Germany, the business caught up strongly in the fourth quarter, leading to record billings for beet harvester sales.

The garden equipment market fell in the three main regions where the Group operates (United Kingdom, France and Italy). In this context and after a series of difficult quarters (IT migration), activity in the fourth quarter approached the levels of the previous year, bolstered by a more favorable basis for comparison than in previous quarters.
EXEL Yachting posted a satisfactory quarterly performance with deliveries in line with forecasts.

At constant scope and exchange rates, activity was stable over the quarter: technical hoses and industrial spraying experienced a slight slowdown in volumes in Europe, offset by the continued good momentum in Asia and, to a lesser extent, in USA.

Situation in Ukraine and Russia

The new sanctions announced at the beginning of October do not affect the Group’s products any more than the previous sanctions. As previously announced, EXEL Industries maintained its operations in Russia (agricultural equipment and industrial spraying) but ensured that deliveries were made in compliance with international regulations. The Group was able to maintain overall sales volumes in the region.

FISCAL YEAR 2021sales 2022

The turnover for the year 2021-2022 amounts to €977.0 millionat the top 11.4%. Growth at constant scope and exchange rates was 4.4%. EXEL Industries’ concern was to adjust prices in all of its businesses, in response to the rise in the cost of raw materials and components. This policy implemented throughout the year made it possible to compensate for certain drops in volumes due to shortages (mainly agricultural equipment) or the slowdown in the market (gardening). The foreign exchange effect was particularly favorable to the agricultural spraying and industrial segments.

The change in scope represented revenue of €29.8 million over the year.


The agricultural spraying activity was impacted by contrasting developments during the year: on the one hand, the Group’s brands were hard hit by persistent shortages of components despite very different production bases (Europe, USA ). Prices were increased throughout the period to reflect price increases implemented by suppliers. On the other hand, order intake was boosted by the stabilization of the prices of agricultural raw materials at generally high levels, giving the Group good visibility over the coming financial year.


After recovering in 2020-2021, sales remained strong in the year ended. In addition, shortages of components enabled the Group to dispose of a large volume of inventory of used machines. Finally, prices were increased to compensate for increased production costs (steel and other components).

Gardening activity was impacted by three factors during the year. After two exceptional years in terms of volumes, the markets have returned to pre-COVID levels. At the same time, the issues related to the migration of information systems slowed the volumes of leisure activity by approximately 10 million euros. Prices were increased during the year to compensate for significant increases in the cost of raw materials and logistics. Finally, the acquisition of GF on February 15, 2022 resulted in a scope effect increasing the revenue of this activity by around €20 million.
A new commercial, marketing and industrial dynamic launched in the boating industry should impact the years to come.

The underlying markets (mainly automotive, furniture and industry) experienced contrasting trends. However, the industrial spray business continued to show high volumes throughout the year in line with the previous year.
The technical hoses division was impacted by lower volumes in the gardening business, while the B2B business was impacted by lower demand at the end of the year.

Yves Belegaud, CEO of the EXEL Industries Group, declared:

“The strong commitment of our teams in the fourth quarter and the successful integration of our latest acquisitions enabled us to record record sales. This excellent performance was achieved in a difficult and volatile environment where shortages were not recovered. However, the Group is confident in its ability to pursue its development, supported by the various business sectors in which it operates and a well-stocked order book.

Events to come

December 20, 2022before market: 2021-2022 annual results.

January 25, 2023, before market: revenue for the 1st quarter 2022-2023.

About EXEL Industries

EXEL Industries is a French family group that designs, made and markets capital goods and provides related services that enable its customers to improve their efficiency and productivity or improve their well-being while achieving their CSR objectives.
Driven by a strategy of innovation for 70 years, EXEL Industries has based its development on innovative ideas aimed at offering its customers unique, high-performance, competitive and user-friendly products.
Since its creation, the Group has recorded significant growth in each of its markets, both through organic growth and through acquisitions, relying on a stable shareholder base guided by a long-term development strategy. EXEL Industries employs approximately 3,546 permanent employees in 27 countries and five continents.
The Group has published the 2020 financial year2021 turnover of 877 million euros.
Euronext Paris, SRD Long only – compartment B (Mid Cap) EnterNext© PEA-PME 150 index (symbol: EXE/ISIN FR0004527638)

Press release available on site www.EXEL-industries.com


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