Lu-Ve reports sales up 30.5% to €467.7m

ITALY: Heat exchanger product manufacturer Lu-Ve has reported sales of €467.7m, up 30.5% on the same period in 2021.

The third quarter recorded a 14.3% increase in sales, closing with an order backlog of €196.4m, up 27.6% on last year.

The company reported that its components and cooling systems business units were growing again at the end of September by 36.1% (€266.8m sales) and 21.6% (€189.9m sales) respectively. This was despite the slowdown in demand in some application segments, particularly in products for the food retail trade and the household appliance market. 

Demand for heat exchangers for heat pumps, however, is said to remain particularly buoyant, with positive growth prospects for the months ahead. 

The analysis of sales by applications shows strong growth in air conditioning, attributable not only to the segment related to heat pumps (+159%) but also the good performance in both the world of chillers and applications related to data centres. 

The refrigerated transport segment also showed growth of 52% thanks to the acquisition of new projects combined with the growth in overall demand.

The American market saw the value of sales almost double in the first nine months of the year. The company’s home market, Italy, was up more than 37%.