CAREL reports 18.9% sales growth


13 November 2019
Control specialist CAREL Group achieved revenues of €247.7million for the first nine months of 2019, a sales growth of 18.9% on the same period last year.

The figures include contributions from the purchase of German humidifier manufacturer HygroMatik and Italian air-to-air heat exchanger manufacturer Recuperator late in 2018. 
Excluding those contributions, revenues were €220.9million (+6%).
Francesco Nalini, Chief Executive Officer of the Group, said: "Revenues recorded in the first nine months of 2019 show a 18.9% increase compared to the same period in 2018, thanks to the organic contribution of all the geographic areas and the expansion of the scope of consolidation through the two companies acquired last December (Hygromatik and Recuperator).

"Also from a financial point of view, performance was positive, with cash absorbed by net working capital halving compared with the first half of this year. These results are even more significant in the light of an unfavourable global economic scenario and demonstrate the resilience and good balance of the Group's business portfolio.

"It is also important to underline CAREL's ability to pursue its strategic priorities effectively and promptly. During the summer, the two-year plan to expand the Company's production footprint was substantially completed. Thanks to this, we will be able to support our development plans focusing on innovation in the service of energy efficiency and environmental sustainability.''
CAREL reports growth in both HVAC and refrigeration, and says all geographical areas contributed to the performance, with North America increasing revenues by around 20% and EMEA (Europe, Middle East and Africa) recording a double-digit improvement.
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