18 March 2019

Carel reports strong growth in 2018

Control systems and solutions specialist Carel Industries saw strong results in 2018, which marked the firm's 45th year on the STAR segment of Italy's Borsa Italiana stock exchange.

Francesco Nalini.

Carel Industries group chief executive Francesco Nalini said: “2018 was a new milestone for Carel...with demand exceeding supply four times over in spite of the timing being when the market was unfavourable. In the light of this, the excellent results achieved in the year just ended take on even greater significance: growth in revenues has faded after the double digit figure (+9.7 percent) with profitability which, excluding several non-recurring entries, remains at the high levels of 2017 (adjusted EBITDA margin of 19.7 percent). Net profit has seen a significant increase, equal to 18.9%.

“These performances benefit slightly from the contribution of the consolidation of Hygromatik and Recuperator, the two companies bought by the group at the end of last year which are further proof of Carel's commitment and ability to implement its strategic guidelines, including the growth through M&A activity.

Lastly, it is worth pointing out how the operating results achieved were translated into significant cash generation through which we easily covered the important investments intended for the expansion of several of our production sites including those in China and North America. This will enable us to support the development of the group in the years to come and, as always, the foundations of Carel will be innovation, sustainability and customer care.”

Revenue totalled 280.22 million euros, compared with 255.45 million in 31 December 2017 – a year-on-year percentage increase of +9.7 percent. The performance of several currencies in which the group operates had a negative impact on this result, in particular the US dollar and the Brazilian real; at constant exchange rates, the growth in group revenue would have been 11.4 percent.

The sector which recorded the highest growth was refrigeration – which in absolute terms reported an increase of around 14 million euros (+15.5 percent compared with the same period of the previous year). The HVAC sector saw positive change exceeding 13 million euros (+8.3 percent compared with 2017).

Carel Industries estimates that it will be able to maintain development trends in line with previous years, consolidating growth and financial solidity. Its two-year investment plan, launched in 2018 and dedicated to the expansion of production capacity, is expected to play a key role.


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