UK boost for Modine sales
UK/USA: Higher sales of air conditioning and ventilation products in the UK enabled US manufacturer Modine’s building HVAC business to achieve a Q4 sales increase of 21%.
Sales by the company’s Building HVAC segment – which includes UK manufacturers Airedale and Barkell – were $52.5m, compared with $43.3m one year ago.
On a constant-currency basis, sales were up 25%, driven primarily by higher sales of air conditioning and ventilation products in the UK. The segment reported operating income of $5.9m, an increase of $4.2m, primarily due to higher sales volume, lower restructuring and impairment charges and lower SG&A expenses compared with the prior year.