Carel reports sales up 24% in Q1

ITALY: Refrigeration controls manufacturer Carel has reported sales of €97.6m in the first quarter of 2021, a 24% increase on the same period last year.

This represents Carel’s highest revenue increase in the last 10 years, amounting to +26.9% at constant exchange rates, and then reflected in an increase in EBITDA of over 50% and in profit of over 75%.

According to MD Francesco Nalini, the global Covid-19 vaccine campaign in the first quarter of the year restored optimism and enabled a strong economic recovery, particularly in China and the US.