Exel Composites (EXL1V) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw a 4.0% increase in order intake to EUR 26.4 million and a 4.7% rise in revenue to EUR 26.6 million compared to Q2 2023.

• H1 2024 order intake rose 6.4% to EUR 55.0 million, while revenue declined 7.8% to EUR 50.0 million year-over-year.

• Operating profit and adjusted operating profit turned positive in H1 2024, with operating profit at EUR 0.6 million (H1 2023: -0.5 million) and adjusted operating profit at EUR 0.8 million (0.1 million).

• Financial position strengthened by a EUR 21.8 million rights issue and a new EUR 52.4 million financing agreement.

• Order backlog at end of June 2024 was EUR 34.5 million, up 31% year-over-year.

Financial highlights

• Q2 2024 operating profit was EUR 1.2 million (Q2 2023: -0.2 million); adjusted operating profit EUR 1.4 million (0.1 million), margin 5.2% (0.3%).

• H1 2024 earnings per share was EUR 0.01 (H1 2023: -0.25).

• Net financial expenses improved to EUR -0.4 million (H1 2023: -1.6 million).

• Net cash flow from operating activities EUR 1.0 million; liquid assets at period end EUR 32.4 million (2023: 19.0 million).

• Net interest-bearing liabilities reduced to EUR 16.7 million (31.0 million); net gearing 44.9% (128.3%).

Outlook and guidance

• 2024 guidance unchanged: revenue and adjusted operating profit expected to increase significantly versus 2023.

• Customer activity expected to remain at current levels in H2 2024 amid macroeconomic uncertainty.