SWEDEN: Refrigeration wholesaler Beijer Ref reports its strongest year after further record sales in the fourth quarter of 2017 brought net sales to almost SEK10bn (€1.024bn).
Net sales for 2017 increased by 8.7% compared to the previous year, while the company also achieved improved margins and a strong operating profit. Organic growth for the quarter was almost 11%.
While the F-gas phase down is fuelling the market in Europe, Beijer Ref reports growth in virtually all of its regions compared with the fourth quarter last year. Net sales for the fourth quarter of 2017 increased by 9% compared with the corresponding period in the previous year and amounted to SEK2.401bn (€246m).
In addition to the European refrigerant phase down, Beijer Ref CEO and president Per Bertland also pinpointed the economic upturn, low interest rates and high consumption as being a contributory factor to the group’s increase in sales.
Sales in Southern Europe, Beijer Ref’s largest single region, grew by 16% in Q4 with sales in Central Europe growing by 13%.
“Our companies in the UK and Ireland continue to report improved profits, partly because of sales of refrigerants, which are gradually becoming more expensive because of the quota system,” explained Per Bertland.
Eastern Europe showed the strongest growth at 27%, with Africa being the only region not to report growth.