Exel Industries reported first quarter 2020-2021 revenue of $173 million, up $28.2 million (+19.4%) compared to the same quarter in the previous year. At constant foreign exchange rates, sales were $164.5 million, giving organic growth of 13.5%. This performance continues the recovery started in the fourth quarter of last year. It was noted that growth was achieved compared to the first quarter of 2019-2020 when only China was confined due to COVID-19.

All geographical areas sustained or grew sales, particularly EMEA following iNTEC's consolidation, but also APAC where Sames Kremlin expanded sales strongly. There was also a healthy resurgence of agricultural spraying in North America. Changes in scope and currency fluctuations added a net $8.5 million in revenue.

  • Agricultural Spraying: generated revenue of $71 million, up $2.9 million (+4.4%). Growth was driven by positive momentum in trailed and self-propelled sprayers and an increase in billings for used machinery and spare parts. Increasing price of agricultural commodities also helped.
  • Sugarbeet Harvesters: revenue was $19.9 million, up $1.8 million (+9.9%). The first quarter is not particularly representative of this highly seasonal business. It does confirm the growth in spare parts and used machinery sales, particularly in Western Europe and France.
  • Garden Watering and Spraying: revenue of $16.5 million, up $6.9 million (+72.3%). An excellent quarter, the best in 5 years. The growth levers described in fourth quarter 2019-2020 are still at work (growing market, good service level, lockdown), and were supplemented by new drivers (rebuilding of retailers’ inventories, pre-Brexit stockpiling in the UK, heavy pressure on Chinese supplies due to the container shortage).
  • Industrial Spraying: revenue was $65.6 million, up $16.5 million (+33.4%), including $13.6 million from the iNTEC consolidation. The recovery in auto sector investment remains smooth and didn’t translate into an increase of revenue. Sales through dealers are growing, a sign that economic recovery is under way in this machinery segment. iNTEC's revenue was on track with our plan and reflected the gradual pick-up in the wider auto sector.


  • Agricultural Spraying: Agricultural commodity prices continue to trend upward and this, coupled with government stimulus subsidies in the U.S., Australia, France and Germany, is boosting the order book.
  • Sugarbeet Harvesters: The order book is now bigger than at the same point last year. This is a direct result of the action plans implemented to develop the Terra Variant range in slurry application, as well as international sales of sugar beet harvesters. Beet prices are on the up but yields last year were hampered by virus yellows, particularly in France.
  • Garden Watering and Spraying: The order book is currently higher than last year, but the first quarter reflects a shift in the timing of orders by clients who are rebuilding inventories after a period of exceptional sales. Exel noted this business is highly weather-dependent.
  • Industrial Spraying: The strong trend in the furniture sector seems to reflect the behaviors of households through successive lockdowns (DIY, home decoration, etc.). The automotive industry is now showing green shoots, most apparent in spare parts but still modest in systems.