Controls specialist CAREL recorded sales growth of 16.8% in 2019 to €327.4m. Not including the contributions of Hygromatik and Recuperator, acquired at the end of 2018, growth was up 5.1%, with revenues of €292.3m.
Group CEO Francesco Nalini said: "In 2019 Carel reported a solid revenue growth of 16.8% (5.1% on a like for-like basis) and an EBITDA Margin of 19.3%. These results are even more significant in light of an unfavourable macroeconomic scenario, characterised by a slowdown in the European economy and trade tensions between the United States and China.
"Even in a non optimal situation, therefore, the performances recorded are particularly positive and reflect the continuous implementation of our multi-year strategic guidelines, which in 2019 mainly consisted of: completing the plan to expand the group's production capacity, with a two-year investment of approximately €20 million; the process of integrating the two companies acquired in 2018, Hygromatik and Recuperator, which allowed them to achieve a cumulative growth in revenues of around 10% compared to the previous year; and the signing of the first multi-year contracts for the supply of digital services to important international supermarket chains.
"The same enthusiasm that guided us in 2019 will be fundamental to overcome the challenges that 2020 presents us, in particular the recent spread of Coronavirus/COVID-19, which we will face by exploiting the resilience of our recently expanded production footprint. "