Inside information, profit warning: Exel Composites lowers its guidance for the full year 2023 and publishes preliminary information for Q3 2023

EXEL COMPOSITES PLC          INSIDE INFORMATION          19 OCTOBER 2023 at 09:00 EET

Exel Composites lowers its guidance for the full year 2023 for revenue. Guidance for adjusted operating profit remains unchanged. Exel Composites now expects that revenue and adjusted operating profit will decrease significantly in 2023 compared to 2022. Previously Exel Composites expected that revenue in 2023 will decrease and adjusted operating profit will decrease significantly in 2023 compared to 2022.

 

The change in guidance for revenue is due to the continuation of a challenging market environment and soft demand for many composites products and solutions in the second half of 2023. Previously Exel expected demand to improve in the second half of 2023. While customer activity has increased in the second half, the overall macroeconomic environment has weighed on the timing of order placement and on the schedules of certain large project orders. Consequently, slower order intake is expected to continue until the end of the year.

 

Exel publishes preliminary information for the third quarter of 2023. Preliminarily revenue is expected to be EUR 20.5 million and adjusted operating profit is expected to be between EUR -1.0 million and EUR -1.5 million.

 

Exel Composites will publish its Q3 2023 Business Review on 3 November 2023 at 09:00 EET.

 

For further information, please contact:

Sanna Ahvenniemi, Head of Investor Relations, tel. +358 40 864 3000, [email protected]

 

Exel Composites in brief

At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.

 

Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

 

Headquartered in Finland, Exel Composites employs approximately 650 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.

 

 

Exel Composites Plc