Carel has also reported a net result of 8.9 million euros, up 8.4 percent compared from net result of the first quarter of 2018.

Francesco Nalini, group chief executive, 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), has enabled us to record an increase in revenue of close to 20 percent.

“The latter has translated into a net profit that has touched 9 million euros with the percentage increase in the first quarter of the past year reaching 8.4 percent. All of this has allowed us to look at the future with optimism and with the desire to improve.”

This performance follows a favourable performance in all geographical areas (EMEA, Asia Pacific, North America and South America) and across both the HVAC and refrigeration segments.