Lu-Ve reports record year
ITALY: Heat exchanger product manufacturer Lu-Ve achieved a turnover of €492m in 2021, an increase of 22.6% on the previous year.
EBITDA was €60.8m (+34.6%) and net profit for the year was €24.8m (+131.6%). At the same time the order book hit a record €180.2m, an increase of 134% compared to December 2020.
“The year 2021, the 35th year of Lu-Ve Group activity, was very positive, characterised by an active demand, despite a sharp increase in the prices of materials and supply difficulties,” commented Lu-Ve Group president Iginio Liberali.
The EU, with €373.8m in turnover – 77.4% on total sales – remains the most important market for the Group. The very strong growth in sales achieved in Italy in 2021 (+39%, equal to €90.8m), meant the percentage of exports dropped slightly to just over 81%.
The countries recording the greatest increases in 2021 included France, Poland, the Czech Republic, Germany, China and the USA. The performance in Denmark was said to be very negative compared to previous years, with Finland and Turkey also showing significant falls.
Success continued into the first two months of this year, with a consolidated turnover of €91.7m, an increase of 45.1% compared to the same period of the previous year. The order book also hit a new record value of €199.4m, an increase of 123.7% compared to February 2021.