CAREL reports anniversary year growth


12 March 2024
Francesco Nalini of CAREL

Controls specialist CAREL says its 50th anniversary year delivered 'solid and steady growth'.

The CAREL Industries board has approved the results for 2023, with consolidated revenues equal to €650.2 million, up 19.3% compared to 2022. Net of the impact of currency exchange rates, the company says growth would have been 21.1%.

Francesco Nalini, CEO of the group, said: “I am particularly proud to present the results of 2023, as the year just ended marks the 50th anniversary of the CAREL's foundation. In these first 50 years, we have achieved exceptional milestones. We started as a small local company and have become a world leader in the design, development and production of control solutions for air conditioning, ventilation and refrigeration.

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"The daily commitment of those who have put their talent and enthusiasm at the company's disposal, together with the constant search for innovation based on environmental and social sustainability, have made it possible to shape an uninterrupted path of success that has also marked the recently concluded year.''

Nalini described external growth for the year as "very satisfactory" with the acquisitions of distributor and system integrator Eurotec, in New Zealand, and Norwegian software solutions company Kiona.

Nalini added: "In order to maintain the financial flexibility to be able to take advantage of possible further investment opportunities in the near future as well, in the second half of 2023, we proceeded to launch a capital increase of approximately €200 million, which met with considerable interest in the market and was successfully closed at the end of December.''