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Beijer Ref sales up 33.9% in 2022

SWEDEN: Refrigeration and air conditioning wholesaler Beijer Ref has recorded sales of SEK22.638bn (€2bn) in 2022, an increase of 33.9% on the previous year.

In a year that saw Beijer Ref acquiring eight companies, organic sales rose 16.4%, acquisition effects amounted to 10.7% and currency effects were 6.8%. EBITA, excluding items affecting comparability, for the full year was SEK2.217bn (€195.7m), which is an increase of 57.2%, and the corresponding margin was 9.8%.

The figures built on a strong Q4, which saw sales rising 36% to SEK5,818m (€513m) compared to Q4 in 2021.

Europe stood out in the quarter, experiencing an accelerating demand for HVAC and OEM. “Both of these product areas are in an expansive phase and during the quarter we invested in a build-up of stocks of critical components,” commented CEO Christopher Norbye. 

Norbye also reported strong growth in environmentally friendly solutions in its OEM segment in the southern hemisphere. During the quarter, Beijer Ref completed the acquisitions of the Australian HVAC company AAD and HVAC Consolidated.

“To respond to the prevailing inflation, we have been working proactively on both internal and external efficiency. During the quarter, the supply of materials, including semiconductors, improved and the price of raw materials stabilised. There are still long lead times, but we have good expectations that this will normalise in 2023,” he said.

Significant milestone

Commenting on the recent acquisition of US HVACR company Heritage Distribution, Christopher Norbye said that the transaction, its first in the US, represented “a significant milestone” in Beijer Ref’s history and an “important strategic step” in its continued growth journey.

“Heritage Distribution offers an excellent platform from which we can continue to pursue consolidation. Work is now underway to integrate the company and benefit from value-creating synergies and common points of contact, such as environmentally friendly and innovative HVAC technologies,” he said.

Related stories:

Beijer Ref lands in the US15 December 2022
SWEDEN/USA: Swedish refrigeration and air conditioning wholesaler Beijer Ref has taken its first step into the North American market after agreeing to acquire Heritage Distribution Holdings in a $1,275m deal. Read more…

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