ITALY: Refrigeration controls and humidification company Carel has reported a 16.8% sales increase in 2019 to €327.4m.
Excluding the contribution from Hygromatik and Recuperator, the two companies that Carel acquired at the end of 2018, growth increased by 5.1%, with revenues of €292.3m.
Consolidated EBITDA was €63.1m (19.3% of revenues), up 34.4% compared to 2018.
Group CEO Francesco Nalini described the results as being even more significant in light of the “unfavourable macroeconomic scenario” characterised by the slowdown in the European economy and trade tensions between the US and China.
He described the performance as “particularly positive and reflect the continuous implementation of our multi-year strategic guidelines”. This included completing the plan to expand the Group’s production capacity, with a two-year investment of approximately €20m, the integration of
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.
In addition, 2019 saw an investment of €18m in R&D – an increase of 12.6% compared to 2018.
Revenue from its HVAC business was up 25% at €215.3m. Refrigeration revenue was €107.6m, up 5% on 2018.