Exel Composites has released its interim report for 1 January –30 September 2015.

In it, the company reports net sales of €60.9 million, up by 4.6& on the previous year (€58.2 million).

However, Q3 2015 sales were €18 million, down from €19 million in Q3 2014. Operating profit decreased to € 0.5 million in the third quarter of 2015, down from €1.9 million in 2014.

‘Profitability was impacted by higher operating costs mainly attributable to the additional resources required to implement the long-term growth strategy,’ said president and CEO Riku Kytömäki. ‘We recorded delays in orders from some key customers in the second quarter and this continued also in the third quarter. New customer acquisitions partly mitigated the weak sales development of some key customers. Consequently, profitability in the third quarter was affected by lower sales volumes than in the corresponding period last year.’

‘The company implements its new strategy by reinforcing the organization, especially in sales resources, product development and operations development, and by increasing its capacity. These efforts are expected to reduce the 2015 operating profit margin compared to 2014, but will position the company better for long-term profitable growth.’

This story is reprinted from material from Exel Composites, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.