Results as at 31 march 2019 approved: +19.5% compared to the first quarter of 2018

On 14 May, the CAREL Board of Directors approved the results as at 31 March 2019, with consolidated revenues of 80.10 million euros, up 19.5% compared to the first quarter of 2018, and a consolidated net result of 8.9 million euros, up 8.4% compared to the net result of the first quarter of 2018.

Francesco Nalini, Group CEO, said: “The results recorded in the first three months of 2019 are part of the path of growth that CAREL has experienced in recent years, confirming the value of the strategic guidelines that we have followed. The capacity to exploit important cross-selling and up-selling options made possible by the continuous innovation of our product platforms, together with significant commercial efforts and the contribution of the two companies acquired at the end of 2018 (Hygromatik and Recuperator) have enabled us to record an increase in revenue of close to 20%. The latter has translated into a net profit that has touched EUR 9 million with the percentage increase in the first quarter of the past year reaching 8.4%. All of this has allowed us to look at the future with optimism and with the desire to improve, which has always marked out the Group”.

This performance benefits from a favourable performance in all geographical areas (EMEA, Asia Pacific, North America and South America) and in all segments (HVAC and Refrigeration) thanks to a combination of cross-selling and up-selling initiatives involving existing Customers, based on continuous technological progress involving the solutions offered by the Group and courtesy of the sales force's activities in searching for new business opportunities. Added to this is the contribution from Hygromatik and Recuperator, the two companies acquired in November 2018, which stands at around EUR 8.7 million. 

As far as the individual business areas are concerned, the very strong growth in HVAC is benefiting yet again from the effect of Hygromatik and Recuperator entering the scope of consolidation, while the performance recorded in the Refrigeration sector is mainly due to organic growth.