Exel Composites - Figures above our estimates
Exel Composites’ Q2 report was throughout better than we expected. Absolute profitability remained higher than we estimated as top line development was once again very strong. Relative profitability was close to what we expected, while order intake reached a new high.
- Q2 revenue was EUR 33.5m, compared to our EUR 30.4m estimate. Top line growth was 23% y/y. Customers in Europe and North America drove growth.
- Wind power amounted to EUR 7.8m vs our EUR 8.9m estimate, while Buildings and infrastructure was EUR 8.7m (we expected EUR 5.9m). Defense continued to grow very fast while Equipment and other industries was also very strong.
- Q2 adjusted EBIT was EUR 2.5m vs our EUR 2.2m estimate. Adjusted EBIT margin was 7.3%, compared to our 7.2% estimate.
- Order intake amounted to EUR 43.5m in Q2 and grew by 90% y/y. The Q2 figure was thus some 4% higher than that seen in Q1.
- Exel retains the previous guidance, expects revenue and adjusted EBIT to increase in FY ’21 compared to FY ’20.