Beijer Ref Q1 sales up 4%

SWEDEN: Beijer Ref recorded sales of SEK7,680m (€633m) in Q1 of 2024, a 4% increase on last year. EBITA saw a similar percentage increase to SEK733m (€63m). 

With the quarter affected by high comparative figures, organic sales were down -4.1%, mainly related to negative growth in HVAC of 7%. Despite the high comparative figures, OEM reported good organic growth of 9%. Commercial and industrial refrigeration had a slight negative organic growth of 3%. 

EMEA reported negative sales growth of 5%, while the APAC region reported strong growth of 17%, excluding currency effects, in which acquired operation in South Korea and a better summer season (especially in Australia) contributed to strong growth. 

North America reported sales growth of 33%, mainly driven by acquisitions and the inclusion of Heritage Distribution, which Beijer Ref acquired in September last year.