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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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.