CAREL sales up 16.8%


10 March 2020

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. 

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"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. "